A monopoly exists because of
a. barriers to entry
b. the large number of buyers and sellers
c. the absence of barriers to entry
d. collusion among the dominant firms
e. the absence of exclusive government franchises
A
Economics
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In applying the lower of cost or market rule, the floor is defined as:
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"The fewer the number of substitutes for a good, the more elastic the demand for that good." Is the previous statement true or false?
What will be an ideal response?
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