pls choose the correct answer

Question 1 2 pts Which is the best definition for a monopoly? O The situation when a firm is the sole provider of a good with no close substitutes. O Any situation when a firm make positive economic profit in the long run. O The situation when many firms are operating in a market, and their products are similar, but not identical When somebody owns property on Virginia Ave., States Ave., and St. Charles Place (I am a father or two, I am allowed the occasional dad joke) Question 2 2 pts Which of the following describes a situation in which a firm maintains a monopoly as a result of economies of scale not allowing competitors to operate with costs as low as the monopolist? Natural monopoly Legal monopoly Diseconomies of scale Minimum efficient Question 3 2 pts The government grants inventors of new products exclusive sale of their product for a period of time (usually 20 years). What are these government licenses called? O Monopoly Permits O trademarks Exclusivity Clauses PatentsQuestion 4 The use of sharp, temporary, articial price cuts to discourage new competition is known as O Economies of scale 0 Predatory pricing 0 Oligopoly 0 Natural monopoly Question 5 Which of the following best ts the description of a natural monopoly? 0 Prior to the 1940's, Alcoa had a monopoly because it controlled all of the US bauxite mines. 0 Tap water service has a monopoly since economies of scale make it impractical for multiple companies to place water pipes. O Until 2016, AstroZeneca had a patent on Celestra, a cholesterol medication. 0 The US government has granted the Post Oce a monopoly on the delivery of rst class mail. 9. Question 6 In order to increase the daily sale of diamonds from 5 to 6, a monopolist must lower the price from $2000 to $1800. What is the marginal revenue of the sixth diamond 0 $1800 O $10800 0 $800 0 -$200 Question 7 A monopolist does not produce at the minimum of ATC. This tells you the monopoly market is not O productive efficient O allocation efficient O profit maximizing O in long run equilibrium Question 8 If a monopolist with significant barriers to entry is making positive economic profit in the short run, what do we expect to happen as the market transitions to the long run? O It will increase, in the long run firms will drop out the market increasing the monopolists dominance in the marketplace. It will decrease as positive economic profit signals new firms to enter the market, increasing the market supply, and lowering the prevailing price. The profit will increase since the monopolist has no competition, they can just raise the price to earn higher profits. O The profit will stay the same, strong barriers to entry prevent new competition.Question 10 2 pts If multiple firms colluding to charge higher prices would lead to higher profits than when competing with one another. What is the principle reason more firms don't partake in this behavior? O It is better to produce more goods than to raise prices. O It is illegal O Firms value competition above profits. O Competing actually leads to higher profits in the long run