When AT&T Had a Monopoly on Telephones as a Result

question 29

Multiple Choice

When AT&T had a monopoly on telephones as a result of patents, it:

• A)kept prices above the competitive level
• B)created a shift in the demand for telephones
• C)compelled consumers to search for telephone substitutes
• D)compelled consumers to look after their telephones

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Definitions:

Socialize

The process by which individuals learn the norms, values, and practices of a social group to integrate and function within it.

Hofstede's Dimensions

A framework for cross-cultural communication developed by Geert Hofstede, that describes the effects of a society's culture on the values of its members, and how these values relate to behavior.

Long-Term Orientation

The measurement of values such as perseverance, respect for tradition, and thrift.

Perseverance

The steadfast pursuit of an objective or goal, even in the face of difficulties, obstacles, or discouragement.