A Monopoly Is an Industry with

question 319

Multiple Choice

A monopoly is an industry with

• A) a single firm in which the entry of new firms is blocked.
• B) a small number of firms each large enough to impact the market price of its output.
• C) many firms each able to differentiate their product.
• D) many firms each too small to impact the market price of its output.

---

Definitions:

Decision Making

The process of identifying and choosing alternatives based on the values, preferences, and beliefs of the decision-maker.

Consumers

Individuals or groups who purchase goods and services for personal use.

Employees

Individuals who work for a company or another person and receive compensation for their labor or services.

State

A politically organized body of people under a single government, often recognized as a sovereign entity.