If we use a narrow definition of monopoly, then a monopoly is defined as a firm
A) that has been granted special production rights by the government.
B) that can ignore the actions of all other firms because it produces a superior product compared to its rivals' products.
C) that can ignore the actions of all other firms because it produces a product for which there are no close substitutes.
D) that has the largest market share in an industry.
Answer: C
You might also like to view...
The table above gives data for the nation of Syldavia. The official settlements account has a
A) $40 billion surplus. B) balance of $380 billion. C) $30 billion deficit. D) zero balance. E) $40 billion deficit.
Advocates of a tax on soda and other sugary drinks argue that such a tax
a. may encourage better nutrition. b. will protect our future selves from the long run negative effects of consuming these drinks. c. is needed because people tend to behave inconsistently over time. d. All of the above are correct.
If a country is producing at point where an increase in the production of one good requires a reduction in the production of another good, then it must be producing at an:
A. efficient point. B. undesirable point. C. unattainable point. D. inefficient point.
Briefly discuss two factors that have increased government expenditures in recent decades.
What will be an ideal response?