1) Creative destruction is.... a) The destruction of barriers to entry into a market b) The use of predatory pricing to destroy competition c) The process by which monopoly power is eroded by the entrants of new technologies to replace old markets d) The use of different media to destroy the brand name of a monopoly 2) Which of the following is not an example of creative destruction? a) Aldi taking market share from Lidl b) Xerox copiers and creation of digital media c) Kodak and the creation of digital cameras d) CDs and the creation of music streaming platforms 3) Dynamic efficiency is.... a) When ATC rises over time b) When a firms increases output to the perfectly competitive output c) When a firm reduces prices to be allocatively efficient d) When either allocative or productive efficiency improves over time 4) Dynamic efficiency happens in monopoly markets if..... a) Abnormal profits are re-invested into R&D leading to improvements in products or reduction in ATC b) Monopoly profits are minimised in order to prevent market entrants c) When monopoly profits fall because of a fall in efficiency d) Monopoly profits are higher than perfectly competitive markets, leading to higher returns for shareholders 5) A deadweight loss in monopoly occurs because.... a) Monopolies charge a high price, and restrict output compared to perfectly competitive markets b) of externalities such as pollution c) Only consumer surplus is lost d) Consumer and producer surplus is lost, and all of this is transferred to the government

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