1. A firm can create a short-term monopoly by

a.producing a generic version of a patented product.

b.holding an exclusive patent on a new product.

c.continuing production of a product after a patent has expired.

d.obtaining government funding for product research.

2. An oligopoly is characterized by relatively few sellers and barriers to entry due to high -------------- costs.

3.________ is what drives the supply for a product or service.

a.Buyers' motivation to make purchases

b.Changes in consumer preferences

c.Changes in factors of production

d.Buyers' ability to make purchases

4. The ___________ price is established when the quantity purchased is equal to the quantity offered.

a.fair market

b.market

c.equilibrium

d.stable market

5. Buyers and sellers will likely make economic choices to restore the equilibrium when the equilibrium price is below the ----------- price.