Which One of the Following Is the Best Description of a Monopolist

question 87

Multiple Choice

Which one of the following is the best description of a monopolist?

• A) a firm that produces a single product
• B) a firm that is the sole producer of a narrowly defined product class, such as yellow, grade-A butter produced in Wisconsin
• C) a firm that is the sole producer of a product for which there are no good substitutes in a market with high barriers to entry
• D) a firm that is large relative to its competitors

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Definitions:

Affiliation Motive

The drive to build and maintain positive interpersonal relationships and to be part of a group.

McClelland's Model

A psychological theory of motivation that asserts people are motivated by three primary needs: achievement, affiliation, and power.

Personal Relationships

Interpersonal connections formed between individuals based on shared interests, emotions, and other social commitments.

Esteem Needs

A higher-level requirement in Maslow's hierarchy of needs that includes the desire for respect, status, recognition, and self-esteem.