Which of the Following Would Most Likely Serve as an Example

question 37

Multiple Choice

Which of the following would most likely serve as an example of a monopoly?

• A)a restaurant in a large city
• B)a dry cleaners in a large city
• C)a local gas station
• D)a local electrical company

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Definitions:

Government Interference

Actions by the government that affect the market, often with the intention of correcting market failures or achieving a social objective.

Full Employment

A situation where all available labor resources are being utilized in the most economically efficient way, with no involuntary unemployment.

Property Rights

Legal rights to possess, use, and dispose of assets including physical, intellectual, and real property.

Mutually Agreeable Transactions

Exchanges between parties that both sides consent to because they are beneficial.