A monopoly is an industry with a single firm which produces
A. a product for which there are no close substitutes.
B. a product for which there are many close substitutes.
C. a standardized product.
D. a product for which there are a few close substitutes.
Answer: A
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A positive real interest rate indicates
a. how fast the number of dollars in your savings account is rising over time. b. how fast the purchasing power of your savings account is rising over time. c. the number of dollars in your savings account today. d. the purchasing power of your savings account today.
Adam Smith believed that
A. people should never buy anything if they can make it themselves. B. what makes sense in the conduct of a private family's economic endeavors also makes sense in those of a nation. C. trading with other nations promotes full employment. D. a nation will gain if its citizens trade among themselves, but it will probably lose if it trades with other nations.
When applying the marginal principle, you should pick the level at which the activity's marginal benefit is less than its marginal cost.
Answer the following statement true (T) or false (F)
Which of the following help to correct for the market failure of imperfect information?
A. medical licensing B. truth-in-advertising regulations C. used car warranties D. All of the above are correct.