Firm X Is a Single Seller of Good X

question 80

Multiple Choice

Firm X is a single seller of good X.There are,however,two substitutes for good X.Given this,

• A) Firm X cannot be a monopolist because the theory of monopoly assumes there are no close substitutes for the good the single seller sells.
• B) Firm X can be a monopolist because we do not know if the two substitutes are close substitutes; additionally, it may be that Firm X acts as if the assumption of no close substitutes holds.
• C) Firm X cannot be a monopolist because if substitutes exist for the good it produces, its demand curve is horizontal and monopolists face downward-sloping demand curves.
• D) none of the above

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Definitions:

Spatial Separation

The physical distancing between groups or areas, often leading to social segregation or differences in access to resources.

Institutional Separation

The division of societal structures or organizations into distinct entities, often to maintain independence or for the purpose of specializing in different areas.

Segregation

Involves the spatial and institutional separation of racial or ethnic groups.

Ethnic Identity

Ethnic identity is the sense of belonging to a specific ethnic group, characterized by shared cultural heritage, language, religion, and traditions.