Ownership of a Scarce Factor of Production Is the Barrier

question 259

Multiple Choice

Ownership of a scarce factor of production is the barrier to entry which primarily accounts for the monopoly of

• A) utility companies.
• B) state lotteries.
• C) social sites like Facebook.
• D) the DeBeers' diamond syndicate.

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Definitions:

Oil-Producing Nations

Countries that have significant oil reserves and whose economies are heavily dependent on the exploration and exportation of oil.

World Bank

A global financial organization that offers loans and grants to lower-income nations' governments to help them undertake infrastructure projects.

Water Shortfall

A situation where the available water resources are insufficient to meet the demands of a population or region.

Formal Education

Structured and systematic instruction in academic content provided by schools and other educational institutions, following specific curricula.