Which of the Following Explains Why Monopoly Is Uncommon in the Real

question 122

Multiple Choice

Which of the following explains why monopoly is uncommon in the real world?

• A) firms usually face downward-sloping demand curves.
• B) supply curves slope upward.
• C) price is usually set equal to marginal cost by firms.
• D) there are reasonable substitutes for most goods.

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Definitions:

Certification Election

A voting process used by employees in a workplace to determine whether they wish to be represented by a labor union.

Union Grievance

A formal complaint filed by an employee or union against an employer, claiming violation of a collective bargaining agreement.

Arbitration

A form of dispute resolution where an impartial third party, the arbitrator, makes a decision on a dispute outside the court system.

Arbitrator

A neutral third party who resolves disputes between two other parties, making decisions that are usually binding.