Asked by
Angela Kandila
on Nov 05, 2024
Verified
A monopoly is an industry with
A) a single firm in which the entry of new firms is blocked.
B) a small number of firms each large enough to impact the market price of its output.
C) many firms each able to differentiate their product.
D) many firms each too small to impact the market price of its output.
Single Firm
Refers to an individual business entity that operates in a market, typically producing goods or services.
Monopoly
A market structure in which a single seller dominates the market for a particular good or service, without any close substitutes.
- Understand the key characteristics that define different market structures, such as monopolies, oligopolies, and monopolistic competition.
- Understand how barriers to entry affect market structure and competition.
Verified Answer
SM
Learning Objectives
- Understand the key characteristics that define different market structures, such as monopolies, oligopolies, and monopolistic competition.
- Understand how barriers to entry affect market structure and competition.
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