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Author Question: Often to secure a monopoly, one must erect barriers to entry to obtain a monopoly. What is this ... (Read 107 times)

LCritchfi

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on: Jun 29, 2018
Often to secure a monopoly, one must erect barriers to entry to obtain a monopoly. What is this activity called in general and what does it entail specifically?
 
  What will be an ideal response?

Question 2

List three characteristics of demand curves. Make sure to explain the shape of the curve and the meaning of the vertical and horizontal intercepts.
 
  What will be an ideal response?


asdfasdf

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Rent seeking is the term used to describe activities that are performed for the purpose of obtaining or retaining a monopoly. Specific activities might include lobbying, campaign contributions, bribery, lawsuits.

Answer to Question 2

First, they are downward sloping. Second, they intersect the vertical axis because there will be a price above which quantity demanded will be zero. Last, they intersect the horizontal axis. Even at a price of zero, quantity demanded will be limited for a given period of time.


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