1. Productive efficiency occurs when consumers pay what it costs to produce the last unit.
2. Which list of characteristics describes a monopoly market?
A) many sellers, no close substitutes for the product, significant barriers to entry
B) one seller, many substitute products, significant barriers to entry
C) one seller, no close substitutes for the product, easy to enter the market
D) one seller, no close substitutes for the product, significant barriers to entry
These multiple choice questions belong to Economics. The 1st question is about productive efficiency and the 2nd question is about the characteristics of monopoly market.
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