To Have a Monopoly in an Industry There Must Be

question 188

Multiple Choice

To have a monopoly in an industry there must be

• A)barriers to entry so high that no other firms can enter the industry.
• B)a patent or copyright giving the firm exclusive rights to sell a product for 20 years.
• C)an inelastic demand for the industry's product.
• D)a public franchise, making the monopoly the exclusive legal provider of a good or service.

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Definitions:

Deep-Level Diversity

Refers to differences among group members' attitudes, values, beliefs, and personality, as opposed to surface-level traits such as race and gender.

Food Company

An enterprise that produces, processes, or distributes food products for consumer consumption, ranging from agricultural production to packaged goods.

Eating Food

The act of consuming edible substances to provide nutritional support for the body.

Sexual Equity

Parity among heterosexual, gay, lesbian, bisexual, and transgender employees.