A Monopoly

question 109

Multiple Choice

A monopoly

• A) exists when either the buyer or the seller has the ability to influence the market price.
• B) exists when there are so many buyers and sellers that each has only a small impact on the market price and output.
• C) exists when a single consumer demands the entire market for a particular good or service.
• D) can have many sellers but only one buyer.
• E) exists when a single company supplies the entire market for a particular good or service.

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Definitions:

Unlimited Liability

A legal obligation where business owners and investors are personally responsible for all of the debts of the business.