Title: QUIZ: Introduction to Monopoly
Course: Recommended Resources for AP Micro from FRE > Section: Unit 4: Imperfect Competition

Q: What is a monopoly?
- A market with many suppliers
- A market with only one supplier
- A market with no suppliers
- A market with two suppliers
A: A market with only one supplier

Q: Why do monopolies charge higher prices than they would if they were in other market structures?
- They have no competition.
- They have many competitors.
- They want to sell more.
- They have higher costs.
A: They have no competition.

Q: What is a key reason other businesses can't enter a monopoly market?
- High competition
- Low demand
- Significant barriers to entry
- Too many substitutes
A: Significant barriers to entry

Q: What is a natural monopoly?
- A monopoly created by the government to spur innovation
- A monopoly due to control of a key resource
- A monopoly where it's cheaper for one business to produce everything
- A monopoly with many small businesses merging into one
A: A monopoly where it's cheaper for one business to produce everything

Q: What happens to quality in a monopoly?
- It always improves
- It may suffer
- It stays the same
- It becomes the best
A: It may suffer

Q: How might governments protect consumers from some types of monopolies?
- By increasing prices
- By regulating or owning the monopoly
- By removing all barriers to entry
- By decreasing production
A: By regulating or owning the monopoly