Which of the Following Exists When an Industry or Market

question 71

Multiple Choice

Which of the following exists when an industry or market has only one producer?

• A) competition
• B) oligopoly
• C) monopoly
• D) communism
• E) socialism

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Definitions:

CISG

The United Nations Convention on Contracts for the International Sale of Goods, a treaty that governs the sale of goods between parties in different countries.

Effective

The state at which something is able to accomplish its intended purpose, produce the desired outcome, or is in force.

Received

pertains to the act of accepting or taking possession of something given, sent, or delivered to an individual or entity.

Reasonable Means

Methods or actions that are considered fair, sensible, and appropriate given the circumstances.