If a Good Has Only One Producer, with No Threat

question 73

Multiple Choice

If a good has only one producer, with no threat of competition, it is likely that government intervention in the market will:

• A) have no impact.
• B) raise prices for consumers.
• C) increase total surplus.
• D) make buyers and sellers better off.

---

Definitions:

Convicts

Individuals found guilty of a crime and sentenced to imprisonment or, historically, transported to penal colonies.

English Laws

The body of legal norms and statutes that originated and were developed in England, forming the basis of the common law legal system.

John Wesley

An English cleric, theologian, and evangelist who was a leader of the Methodist movement in the 18th century, emphasizing a methodical approach to religious study and practice.

Methodism

A group of historically related denominations of Protestant Christianity which derive their inspiration from the life and teachings of John Wesley.