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:

Federal Government

The national government of a federated state, which typically has specific powers delegated to it by a constitution, distinct from regional or local governments.

Privatization

The act of shifting control and ownership of a company, institution, agency, or governmental service to private entities or individuals.

Government Services

Services provided by the government to meet the needs of its citizens, including education, healthcare, transportation, and public safety.

Local Level

Pertaining to governance, decision-making, or implementation that occurs at the most immediate, community-based part of society, such as cities or towns.