Asked by
Tadesse shenkute
on Dec 13, 2024Verified
In many geographic areas, there is only a single provider for gas and electric service for businesses and consumers. However, the government regulates that organization to ensure price protection for the buyer. This is an example of
A) pure competition.
B) a pure monopoly.
C) an oligopoly.
D) monopolistic competition.
E) a megopoly.
Pure Monopoly
A market structure where a single seller exclusively controls the supply of a product or service with no close substitutes.
Price Protection
A sales policy or agreement guaranteeing a buyer a refund of the difference if the price of the purchased item drops within a certain period after the purchase.
Single Provider
Refers to a market scenario where only one company or entity supplies a particular product or service.
- Understand government regulation of monopolies and its impact on marketing.
Verified Answer
JS
Learning Objectives
- Understand government regulation of monopolies and its impact on marketing.