A monopoly is a market structure in which there is only one seller of a unique product. Question 1 options:TrueFalse Question 2 (1 point) Although not all companies are monopolies, many possess monopo

A monopoly is a market structure in which there is only one seller of a unique product.

Question 1 options:TrueFalse

Question 2 (1 point)

Although not all companies are monopolies, many possess monopoly power to some degree in the market because of the nature of their products.

Question 2 options:TrueFalse

Question 3 (1 point)

The pricing and output decisions of monopolists are the same as those of a competitive company.

Question 3 options:TrueFalse

Question 4 (1 point)

Antitrust laws are designed to prevent companies from using their market power against consumers and other companies.

Question 4 options:TrueFalse

Question 5 (1 point)

Larger companies enjoy economies of scale, achieving higher unit costs and a higher per-unit price.

Question 5 options:TrueFalse