Which of These Contributes to the Existence of Monopoly Power

question 140

Multiple Choice

Which of these contributes to the existence of monopoly power?

• A)a continuously decreasing long-run average cost curve 
• B)possession of a patent 
• C)control over essential output 
• D)All of the above are correct.

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Definitions:

Total Revenue

The total amount of money generated by a company from its business activities, before any expenses are subtracted.

Fixed Costs

Expenses that do not change with the level of production or sales in the short term, such as rent, salaries, and insurance.

Variable Costs

Costs that vary directly with the level of production or sales, such as materials and labor.

Corporate Tax Rate

The percentage of a corporation's profits that is paid to the government as tax.