A Monopoly Occurs When

question 281

Multiple Choice

A monopoly occurs when

• A) each of many firms produces a product that is slightly different from that of the other firms.
• B) one firm sells a good that has no close substitutes and a barrier blocks entry for other firms.
• C) there are many firms producing the same product.
• D) a few firms control the market.
• E) one firm is larger than the many other firms that make an identical product.

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Definitions:

Frequent Famines

Periods of extreme scarcity of food occurring more often than usual in a given area, leading to widespread hunger and malnutrition.

Forced Vomiting

The act of deliberately inducing vomiting, often as a symptom of an eating disorder.

Bulimia

An eating disorder characterized by binge eating followed by purging, such as vomiting or using laxatives, to prevent weight gain.

Overweight

Having more body fat than is optimally healthy, often defined as a body mass index (BMI) over the normal range.