A monopoly is characterised by...

a.All of the other options are correct.

b.Market power.

c.One seller.

d.Barriers to entry.

Monopolists are often accused of being inefficient. Which of the following does not demonstrate that claim?

a.They produce a quantity less than the perfectly-competitive market price.

b.They charge a price greater than the perfectly-competitive market price.

c.They can make significant short-run profits.

d.They generate a deadweight loss.

Compared to economists, accountants tend to _____ profits because they tend to _____ costs.

a.Understate; understate.

b.Understate; overstate.

c.Overstate; understate.

d.Overstate; overstate.