A Monopoly

question 161

Multiple Choice

A monopoly

• A) always makes a profit.
• B) can force consumers to purchase what it is selling.
• C) is characterized by a single seller who produces a well-defined product for which there are no good substitutes.
• D) always has naturally created barriers.
• E) always has government-created barriers.

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Definitions:

Exculpatory Clause

A part of a contractual agreement that releases one party from liability for wrongful actions or damages.

Minor

A person under the legal age of adulthood, which varies by jurisdiction but is commonly 18 years old.

Contract Disaffirmance

The act of rejecting or declaring a contract void, often used in cases where one of the parties was incapacitated or a minor at the time of agreement.

Affirmed

A legal term used when a higher court has confirmed or upheld the decision of a lower court.