Which of the Following Conditions Would Be LEAST Likely to Lead

question 50

Multiple Choice

Which of the following conditions would be LEAST likely to lead to a monopolistic market structure?

• A) possession of patent rights for basic production processes
• B) control over the entire supply of a basic input
• C) the need to be a price taker in order to sell in the market
• D) significant economies of scale leading to declining average cost until the entire market demand is satisfied
• E) exclusive rights to sell in a particular geographic market

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Definitions:

Economic Liability

A legal obligation or debt that results in a financial burden or disadvantage to an individual, business, or organization.

Postindustrial Period

A stage in societal development characterized by the shift from manufacturing-based economies to those dominated by service-oriented, information-based activities.

Demographic Transition

A theory describing the transition from high birth and death rates to lower birth and death rates as a country develops from a pre-industrial to an industrialized economic system.

Transitional Period

A phase of change or adjustment where a person, society, or condition is shifting from one state to another.