An Industry with a Firm That Is the Only Producer

question 37

Multiple Choice

An industry with a firm that is the only producer of a good or service for which there are no close substitutes and for which entry by potential rivals is prohibitively difficult is:

• A)a duopoly.
• B)a monopoly.
• C)an oligopoly.
• D)perfect competition.

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Definitions:

Hearing Impairment

A partial or total inability to hear sounds in one or both ears.

Diminished Sense

A reduction in the capacity to perceive or experience stimuli through any of the senses, such as sight, hearing, touch, taste, or smell.

Xerostomia

A medical condition characterized by dry mouth due to reduced or absent saliva flow, often causing discomfort and dental problems.

Limited Vision

Limited vision refers to a decrease in the ability to see to a significant degree but not to the point of total blindness, often requiring special accommodations.