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:

Occupational Subculture

A unique set of norms, values, behaviors, and beliefs that develop among members of a particular occupation or profession, distinct from those of the broader culture.

Prison Officers

Individuals responsible for the supervision, safety, and security of prisoners in a jail, prison, or correctional facility.

Unethical Officers

Law enforcement or public officials who act in ways that violate ethical standards, often abusing their power or failing to perform their duties honestly.

Expert Power

The ability of an individual to influence others' behavior or attitudes due to the person's acknowledged expertise or knowledge.