A Monopoly Is a Market with a Single Firm That

question 31

Multiple Choice

A monopoly is a market with a single firm that

• A)produces a good or service for which no close substitute exists and which is protected by a barrier that prevents other firms from selling that good or service.
• B)purchases its factors of production from only one supplier because of a barrier preventing it from buying from other suppliers.
• C)produces a good or service for which no close substitute exists and that sells all its output to one buyer because there is barrier preventing other buyers from purchasing the good or service.
• D)cannot control the price it sets for its good or service because there is barrier that prevents the firm from changing the price.
• E)produces its good or service using labour from a single source,which is usually a union.

---

Definitions:

Atoms Decay

A natural process by which the nucleus of an unstable atom loses energy by emitting radiation, leading to the transformation of the atom into a different element or isotope.

Microbial World

The vast, diverse domain of microorganisms, including bacteria, archaea, viruses, and fungi, which play crucial roles in all ecosystems.

Early Earth

The period in Earth's history just after its formation, characterized by extreme conditions and the gradual development of the planet's atmosphere and oceans.

Modern Earth

Modern Earth refers to the current geological and biological age of Earth, encompassing the present-day conditions and the life forms that inhabit it.