Using a Broad Definition, a Firm Would Have a Monopoly

question 168

Multiple Choice

Using a broad definition, a firm would have a monopoly if

• A)it produced a product that has no close substitutes.
• B)it does not have to collude with any other producer to earn an economic profit.
• C)there is no other firm selling a substitute for its product close enough that its economic profits are competed away in the long run.
• D)it can make decisions regarding price and output without violating antitrust laws.

---

Definitions:

Organic Product

A molecule or compound that has been synthesized through a reaction involving organic (carbon-based) precursors.

Cyclobutanone

A cyclic ketone compound consisting of a four-carbon ring structure with a ketone functional group.

Single Reagent

A specific chemical substance used alone in a reaction to achieve a particular synthesis or transformation.

Ylide

A compound containing a positively charged atom directly bonded to a negatively charged atom, except oxygen or a halogen.