A Monopoly Is a Firm That Produces a Good or Service

question 120

True/False

A monopoly is a firm that produces a good or service for which no close substitute exists.

---

Definitions:

Practice

The repeated exercise or performance of an activity or skill to acquire or maintain proficiency in it.

Overnight Success

The perception that an individual or company has achieved significant success in a very short period of time, often disregarding the years of effort leading up to it.

Bill Gates

A co-founder of Microsoft Corporation, Bill Gates is recognized as one of the pioneers of the microcomputer revolution and is also known for his philanthropic work.

Specific Set Of Traits

A particular group of characteristics, attributes, or properties that distinguish entities from one another.