For a fiRm to Be Considered a Monopoly, It Must

question 30

Multiple Choice

For a firm to be considered a monopoly, it must _____.

• A) take as given the price of the product that is established in the market
• B) be the only buyer of a factor of production
• C) be the only producer of a good for which there are no close substitutes
• D) face only a few competitors that produce similar, but not identical, products

---

Definitions:

Optimistic Lifestyle

involves a positive outlook and approach to life, characterized by hopefulness and confidence in future success and well-being.

Failure

The lack of success in achieving one's goals or the inability to meet a certain standard.

Negative Life Pressures

Psychological or environmental stressors that negatively impact an individual's mental and physical well-being.

Learned Helplessness

A condition in which a person suffers from a sense of powerlessness, arising from traumatic events or persistent failure to succeed.