Which of the following could be threatening to an existing monopoly structure?
a. impossible-to-overcome barriers to entry
b. the depletion of alternative resources that could be used to produce the good that is being produced by the monopolist
c. the extension of years enforcing a patent right
d. mergers
e. technological innovation that makes the old techniques of producing a good obsolete
E
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What is the dominant strategy for bidders in an English oral auction?
A) Keep bidding until all other bidders quit, regardless of your reservation price. B) Bid until the previous bid price equals the reservation price of the last bidder. C) Bid until the first-price and second-price bids are equal. D) Stop bidding once the price exceeds your reservation price.
Scott used $4,000,00 . from his savings account that paid an annual interest of 5% to purchase a hardware store. After one year, Scott sold the business for $4,100,000 . His accountant calculated his profit to be:
a. $300,000 b. $100,000 c. $80,000 d. $20,000