Features of Monopoly
Economics ⇒ Markets and Price Determination
Features of Monopoly starts at 11 and continues till grade 12.
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See sample questions for grade 12
Describe any two sources of monopoly power.
Describe the role of government in creating monopolies.
Explain how economies of scale can lead to monopoly.
Explain the concept of 'price discrimination' in monopoly.
Explain the effect of monopoly on the allocation of resources.
Explain the impact of monopoly on consumer choice.
Explain the meaning of 'barriers to entry' in the context of monopoly.
Explain the term 'natural monopoly' with an example.
Explain why a monopoly firm is called a price maker.
Explain why there are no close substitutes in a monopoly market.
Is the demand curve faced by a monopoly firm more elastic or less elastic than that faced by a perfectly competitive firm?
