The De Beers Company Is Described as a Monopolist in the Production

question 94

Multiple Choice

The De Beers company is described as a monopolist in the production of:

• A)diamonds.
• B)software.
• C)oil.
• D)beer.

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Definitions:

Government Sets Prices

A situation where the government determines the selling prices of goods and services, often to stabilize the economy or ensure affordability.

Market Economy

An economic system in which production and prices are determined by unrestricted competition between privately owned businesses.

Karl Marx

A 19th-century philosopher, economist, and political theorist known for his critical analysis of capitalism and his contributions to the foundation of socialism and communism.

Communist Countries

Nations that practice communism, a political and economic ideology characterized by the collective ownership of property and the organization of labor for the common advantage of all members.