In a monopoly, one seller/firm produces all of the output for a good or service.

A _________ is when one company controls the entire market.

Name the three advantages of monopolies.

Name the three disadvantages of monopolies.

In a monopoly, the firm can change the price and quantity of the good or service

Monopolies can be characterized by a lack of ___________ within a market

A monopoly that feels confident about its market standing is more likely to feel safe investing in research and development.

When a single firm serves as the price maker for an entire industry, prices typically rise.

Other sellers are unable to enter the market of the monopoly.

Many monopolies form via the_____________, or by a large company buying out its smaller competitors

A company that holds a monopoly on a certain type of product may be able to produce mass quantities of that product at lower costs.

Monopolistic firms have minimal incentive to improve the quality of the goods and services they provide, which often leads to this.

In a monopoly, the company that controls the industry decides the price of the goods or products being sold.

Monopolies can form after large corporations stifle their rivals via _________ (two words)

In the absence of competition, there are no price wars that might rattle markets, therefore, the price remains stable.

The closer a company is to having a pure monopoly, the ______ the average price of goods and services for a consumer.

Due to the lack of competition, a firm can charge a set price above what would be charged in a competitive market, thereby maximizing its revenue.

Monopoly characteristics include ________, _________, ________, _________, and _________.
(five answers)

Depending on the ethics of the company, the ability to scale up may lead to _____ prices for the consumer

A monopolistic company may find it easy to engage in this, where they charge different prices for different consumers