

The Basics of Monopoly (Lecture)
Presentation
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Social Studies
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9th - 12th Grade
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Practice Problem
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Medium
Laura Metzler
Used 2+ times
FREE Resource
38 Slides • 12 Questions
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Multiple Choice
What is the main goal of the game Monopoly?
To collect the most properties
To make all other players go bankrupt
To build the most hotels
To finish the game first
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Open Ended
Do you think the word "Monopoly" is a good name for the board game? Why or why not?
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Multiple Choice
Which company is given as an example of a firm that controls over 95% of its market, but still has some competition?
Microsoft
Apple
Amazon
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Multiple Select
Which of the following are characteristics of a monopoly?
One seller
No substitutes
Many buyers and sellers
High barriers to entry
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Multiple Choice
What is true about a monopoly?
no control over price
some control over price
control over price
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Open Ended
Explain how De Beers is able to influence the price of diamonds in the market.
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Multiple Choice
Which of the following is an example of government involvement as a barrier to entry in a monopoly?
Issuing patents and copyrights
Controlling scarce resources
Setting low prices
Technological innovation
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Multiple Select
Which of the following are barriers to entry that can help maintain a monopoly?
Control of a resource
Technological superiority
Government involvement
Economies of Scale
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Match
Match the types of monopolies.
If there is only one store in a location.
When a firm has a technological edge in the short run.
When the government creates a monopoly.
When 1 company can produce more efficiently than 2 companies competing.
geographic monopoly
technological monopoly
government monopoly
natural monopoly
geographic monopoly
technological monopoly
government monopoly
natural monopoly
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Multiple Choice
What does it mean when a monopolist is described as a 'price maker'?
The monopolist can set the price to maximize profits.
The monopolist must accept the market price.
The monopolist cannot influence the price.
The monopolist always charges the lowest price.
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Fill in the Blanks
When a monopolist increases price above the competitive level, he/she is using
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Multiple Choice
Based on the diagrams and explanations, how does a monopolist use market power to affect price and quantity compared to a perfectly competitive firm?
A monopolist restricts output and raises price above the competitive level.
A monopolist increases output and lowers price below the competitive level.
A monopolist matches the output and price of a perfectly competitive firm.
A monopolist cannot influence output or price.
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