Using a broad definition, a firm would have a monopoly if
A) it produced a product that has no close substitutes.
B) it does not have to collude with any other producer to earn an economic profit.
C) there is no other firm selling a substitute for its product close enough that its economic profits are competed away in the long run.
D) it can make decisions regarding price and output without violating antitrust laws.
Answer: C
Economics
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A supply curve that illustrates the law of supply ____________.
Fill in the blank(s) with the appropriate word(s).
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