A Firm Is a Monopoly If

question 48

Multiple Choice

A firm is a monopoly if

• A) it faces a demand curve for its product that equals market demand.
• B) it is a very large firm.
• C) it takes its rivals' actions into account when choosing its price and output levels.
• D) its production decisions do not affect the price of its product.

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Definitions:

Example

An example is a specific case or instance used to illustrate or explain a rule, concept, or situation, helping to clarify or exemplify a particular point.

Probability

The measure of the likelihood that an event will occur, quantified as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.

System Contains

Referring to the components, elements, or processes that are included within a defined system.

Average Number

A measure of central tendency calculated by summing all numbers in a set and then dividing by the count of those numbers.