All of the Following Are Sources of Monopoly Except

question 67

Multiple Choice

All of the following are sources of monopoly except:

• A)good management
• B)franchises and patents
• C)economic profit
• D)resource access or scale economies

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Definitions:

Average Total Cost Curve

A graphic representation showing the cost per unit of output produced, combining both fixed and variable costs.

Purely Competitive Firm

A firm that operates in a market where there are many buyers and sellers, all producing homogeneous products, leading to no single firm being able to influence market price.

Total Cost

The sum of all expenses, both fixed and variable, incurred in producing goods or services.

Purely Competitive Industry

An industry characterized by many sellers offering identical products, where no single seller can influence the market price.