Monopoly 2.0 / 5 based on 1 rating ? EconomicsMonopolyA2/A-levelOCR Created by: JadeCreated on: 01-12-12 12:09 What is a monopoly? A monopoly is a single firm in the market 1 of 7 In the UK, the Competition Act (1998) recognises that any firm that has a market share of _________ could have the power to act in a monopolistic way. 25% or more 2 of 7 The competition act also recognises that a firm with over ____ market share could be dominant 40% 3 of 7 Evidence of monopoly power would be where ? A firm charged high prices and restricted output in order to make excessive profits 4 of 7 Train operating companies run exclusive train services for the duration of their franchise. This is an example of a? Legal monopolies 5 of 7 Where monopolists lower prices to a level that forces new entrants to operate at a loss. This is? Predatory pricing 6 of 7 In a perfectly competitive market, in comparison to a monopoly. Which is true? Price is lower, output is higher 7 of 7
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