A Firm That Is the Only Seller of a Good

question 45

Multiple Choice

A firm that is the only seller of a good or service that does not have a close substitute is called

• A)a monopoly.
• B)an oligopolist.
• C)a market maker.
• D)a price maker.

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Definitions:

Prohibition

The period from 1920 to 1933 in the United States when the manufacture, sale, and transportation of alcoholic beverages were illegal, as mandated by the 18th Amendment and the Volstead Act.

Fordney-McCumber Tariff

A set of tariffs introduced in 1922 that raised American import duties to protect factories and farms, leading to increased international trade tensions.

Free Trade

An economic policy that allows goods and services to be traded across borders without tariffs, quotas, or other restrictions.