A monopoly is:
a. a seller of a highly advertised and differentiated product in a market with low barriers to entry in the long run.
b. the only seller of a good for which there are no good substitutes in a market with high barriers to entry.
c. the only buyer of a unique raw material.
d. the producer of a product subsidized by the government.
b
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A monopoly always operates in the inelastic portion of its demand curve
Indicate whether the statement is true or false
If an automobile manufacturer has an agreement with its air bag? supplier, this is an example of a? ________ agreement.
A) rightward
B) vertical
C) horizontal
D) leftward
Based on export ratios, which of the following countries is closest to being a closed economy?
A. Belgium. B. Samoa. C. Saudi Arabia. D. China.
There are about (write number) ______ commercial banks operating in the United States.
Fill in the blank(s) with the appropriate word(s).