This is a drag and drop question. There are lots of differences between a market served by a monopoly and a market that is perfectly competitive. Sort the items below according to whether they are associated with a single-price monopoly or perfect competition. 1. A characteristic of monopoly 2. A characteristic of Perfect (Pure) monopoly "These are the answere i have to drag into either answer 1 or answer 2" - Price is higher than in other market structure - an efficient quantity is produced - Firms can earn positive economic profit in the long run. - There are significant barriers to entry. - Firms have no market power.

Question

Business

Shaniya Beltran

25 May, 00:39

This is a drag and drop question. There are lots of differences between a market served by a monopoly and a market that is perfectly competitive. Sort the items below according to whether they are associated with a single-price monopoly or perfect competition. 1. A characteristic of monopoly 2. A characteristic of Perfect (Pure) monopoly "These are the answere i have to drag into either answer 1 or answer 2" - Price is higher than in other market structure - an efficient quantity is produced - Firms can earn positive economic profit in the long run. - There are significant barriers to entry. - Firms have no market power.

+3

Answers (1)

Know the Answer?

Eric Weiss · Answer 1

Characteristics of monopoly:

-Price is higher than in other market structure (competition drives the prizes down)

There are significant barriers to entry (these barriers are what allows the monopoly to remain in place)

Characteristics of competition:

an efficient quantity is produced (market regulates what this quantity is)

Firms can earn positive economic profit in the long run. (in a monopoly they are not given this chance)

Firms have no market power. (this is true: the other companies, other than the monopoly have no power)