If we use a narrow definition of monopoly, then a monopoly is defined as a firm
A) that has the largest market share in an industry.
B) that can ignore the actions of all other firms because it produces a superior product compared to its rivals' products.
C) that can ignore the actions of all other firms because it produces a product for which there are no close substitutes.
D) that has been granted special production rights by the government.
C
You might also like to view...
In the short run, when a firm is about to begin production it pays only:
A) variable costs. B) opportunity costs. C) sunk costs. D) fixed costs.
A support price set above the equilibrium price ______
A. creates a shortage, increases farmers' total revenue, and is efficient B. creates a surplus, which the government buys and dumps on the rest of the world to keep the U.S. market price equal to the price support C. is inefficient because farmers' marginal cost exceeds U.S consumers' marginal benefit D. is efficient because farmers' marginal cost equals U.S. consumers' marginal benefit