Firm X Is a Single Seller of Good X

question 50

Multiple Choice

Firm X is a single seller of good X. There are, however, two substitutes for good X. Given this, firm X

• A)cannot be a monopolist because the theory of monopoly assumes there are no substitutes for the good the single seller sells.
• B)may be a monopolist because the two substitutes may be close substitutes.
• C)cannot be a monopolist because if substitutes exist for the good it produces, its demand curve is horizontal but monopolists face downward-sloping demand curves.
• D)must be selling its product in a perfectly competitive market.

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