When a Single Firm Can Supply a Product to an Entire

question 13

Multiple Choice

When a single firm can supply a product to an entire market at a lower cost than could two or more firms, the industry is called a

• A)resource industry.
• B)exclusive industry.
• C)government monopoly.
• D)natural monopoly.

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Definitions:

Manufacturer

A company or person that produces finished goods from raw materials in large quantities for sale.

Risk

The potential for losing something of value or the exposure to danger, harm, or loss, often evaluated in decision-making processes.

New And Improved

Phrasing often used in marketing to indicate that a product has been updated or enhanced.

Indefinitely

Describes an action or condition that does not have a clearly defined end time.