If we use a narrow definition of monopoly, then a monopoly is defined as a firm
A) that has the largest market share in an industry.
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 been granted special production rights by the government.
C
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Recall the Application about the impact of disability insurance benefits on the labor force participation rate to answer the following question(s).From the Application, which of the following federal programs provide income protection to individuals with disabilities?
A. Social Security Disability Insurance (SSDI) B. Supplemental Security Income (SSI) C. Medicare D. Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI)
Exports
A. cause foreign exchange to leave the country, and thus they are registered as credit in the balance of payments. B. cause foreign exchange to leave the country, and thus they are registered as debit in the balance of payments. C. bring foreign exchange, and thus they are registered as debit in the balance of payments. D. bring foreign exchange, and thus they are registered as credit in the balance of payments.
________ is an example of a public good.
A. A medical service B. National defense C. An automobile D. A restaurant meal
Which of the following ensures that you'll find the goods and services that you're looking for?
A. Government and the rule of law B. Markets and banks C. Government and incentives D. Markets and incentives