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Economics

1. Google gained its monopoly power in the market for internet-search service because it:

a) Is a licensed natural monopoly

b) Was first to market and gained consumer loyalty

c) Took over the market from older firms through creative destruction

d) Advertised its services very heavily

2. The introduction of new gaming systems that can effectively compete for the Nintendo console market share will make the demand for Nintendo console to become:

More price elastic

More price inelastic

Perfectly price elastic

Perfectly price inelastic

Unchanged

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Microeconomics, Economics

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