Which of the following statements about a monopoly is FALSE?
A) Monopolies have no barriers to entry or exit.
B) The good produced by a monopoly has no close substitutes.
C) A monopoly is the only producer of the good.
D) None of the above; that is, all of the above answers are true statements about a monopoly.
Question 2
In developing countries, there is more reliance on ________ as opposed to ________ for government revenue.
A) tariffs; tax collection
B) quotas; tariffs
C) tax collection; tariffs
D) tariffs; quotas
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