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Business, Social Studies

11th -

12thgrade

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Chapter 8--AP Economics

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20 questions

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  • 1. Multiple Choice
    30 seconds
    1 pt

    A lone seller who produces a unique product without close substitutes is a ____________________.

    monopolist

    consumer

    rent seeker

    lobbyist

  • 2. Multiple Choice
    45 seconds
    1 pt

    Two conditions allow a single seller to become a monopolist. Those two conditions are that the firm must

    have something unique to sell

    have a way to prevent competitors from entering the market

    be able to segregate its consumers

    be able to estimate its demand curve

  • 3. Multiple Choice
    30 seconds
    1 pt

    A city's electric company is able to gain monopoly power in its market due to

    control of an essential resource

    low barriers to entry

    a product with close substitutes

    good luck

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