Microeconomics
Which of the following is a defining characteristic of a monopoly?
A pharmaceutical company has developed a new drug and obtained a patent. How does this patent affect the company's market power?
Which of the following is a key difference between a monopoly and perfect competition?
Why are utility companies often considered natural monopolies?
How does the demand curve faced by a monopolist differ from that faced by a firm in perfect competition?
In a monopoly, what happens to marginal revenue as more units are sold?
How do patents encourage innovation in the pharmaceutical industry?
How does a monopoly typically affect consumer welfare compared to perfect competition?
Which of the following is NOT a barrier to entry in a monopoly?
In a monopoly, why is the price greater than marginal revenue?
