One defining characteristic of pure monopoly is that:
A. the monopolist produces a product with no close substitutes.
B. the monopolist is a price taker.
C. there is relatively easy entry into the industry, but exit is difficult.
D. the monopolist uses advertising.
Answer: A
Economics
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Foreign exchange is traded:
a. weekly on the Internet in special auctions arranged by the Federal Reserve. b. continuously all over the world 24 hours a day and seven days a week. c. only in officially designated trading centers such as London or New York. d. It is traded in none of these ways or venues.
Economics
The above figure shows the Lorenz curve for wealth for the nation of Rusha. What percent of wealth is owned by the wealthiest quintile?
A) 0 percent B) 5 percent C) 40 percent D) 60 percent
Economics