An Industry with a Firm That Is the Only Producer

question 37

Multiple Choice

An industry with a firm that is the only producer of a good or service for which there are no close substitutes and for which entry by potential rivals is prohibitively difficult is:

• A)a duopoly.
• B)a monopoly.
• C)an oligopoly.
• D)perfect competition.

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Definitions:

Motivation

The energizing force that stimulates behavior to satisfy a need.

Sociocultural Influences

The social and cultural factors that affect individual behavior, preferences, and attitudes, including family, religion, education, and media.

Consumer Purchase Decision Process

The stages a buyer goes through when deciding to purchase a product, typically including problem recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior.

Psychological Influences

Factors that affect consumer behavior and decision-making processes, including perceptions, attitudes, motivations, and personality traits.