In Many Geographic Areas,there Is Only a Single Provider for Gas

question 4

Multiple Choice

In many geographic areas,there is only a single provider for gas and electric service for businesses and consumers.However,the government regulates that firm 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.

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Definitions:

Bill of Rights

A collective name for the first ten amendments to the United States Constitution, guaranteeing such rights as the freedoms of speech, assembly, and worship.

Inelastic Demand

A situation in which the demand for a product does not significantly change in response to a change in price.

Necessity

An essential requirement or need for survival or to maintain a certain standard of living.

Luxury

Goods or services that are considered non-essential but desired for their quality, status, or comfort they provide.