Homework Answers
Answer-1 The correct option is C) Control of key inputs. Having control over inputs gives power to monopoly and oligopoly firms.
Option a can not be true because if there are no barriers to entry it creates competition which stops monopoly and oligopoly to gain market power.
Option b cannot be true because govt put anti trust legislation to promote competition which reduces market power.
Option d can not be true as competition is opposite to market power.
Answer-2 The correct option is b.) TC= 500 +10Q
This function suggest lesser AC at higher level of Q. Thus, it's the only total cost function which belongs to natural monopoly.
AC = TC/ Q
= 500/Q + 10
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Which one of the ways below can a monopolist or oligopolist gain market power? O a....
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