The Market Structure in Which Each Firm Has a Monopoly

question 224

Short Answer

The market structure in which each firm has a monopoly over the product it makes, but many other firms make similar products that compete for the same customers is called

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Definitions:

Normal Goods

Goods for which demand increases as the income of consumers increases.

GDP

Gross Domestic Product refers to the sum total of all monetary values of final goods and services produced within the geographical confines of a country during a given time frame.

Income Effect

The change in an individual’s or economy’s income and how that change will affect the quantity demanded of a good or service.

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods, leading consumers to replace more expensive items with less expensive ones.