Question 6(1 point)

A monopoly is a market structure characterized by:

Question 6 options:

a	a product with many close substitutes.
b	barriers to entry.
c	a large number of small firms.
d	a single buyer and several sellers.

Question 7(1 point)

An industry is made up of five firms. Firm 1 and firm 2 each make up 20% of the total market sales, firm 3 makes up 35% of the total market sales, firm 4 makes up 15% of the total market sales, and firm 5 makes up 10% of the total market sales. What is the HHI for this industry?

Question 7 options:

a	2,050
b	100
c	2,350
d	1,800

Question 8(1 point)

\f32 30 28 26 24 22 MCI ATC $ per unit AVC ON 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 5.5 6 6.5 7 Quantity of Output (q)