Answer Happy

Part II: Answer the following questions with a maximum of half a page 6. The production technology summarizes the feasible ways of converting inputs into outputs. List at least three sources of technology. [3 marks] 7. Using a graph, explain why a monopolized industry will tend to produce less and charge a higher price than a competitive industry. [3 marks] 8. What is meant by the Lerner index and argue why it is a reasonable measure of the degree of monopoly power of a firm. [3 marks] 9. Explain the difference between monopoly and monopoly power. In reality, do monopolists always have more monopoly power than firms in oligopolistic sectors? Why or why not? [3 marks] 10. Discuss at least three barriers to entry into an industry. [3 marks]