Words That Replace Nouns So That They Do Not Have

question 28

Multiple Choice

Words that replace nouns so that they do not have to be repeated constantly are called

• A) verbs.
• B) prepositions.
• C) pronouns.
• D) interjections.

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Definitions:

Natural Monopoly

A market situation where a single firm can supply a product or service at a lower cost than any potential competitor, often due to economies of scale.

Substitutes

Alternative goods or services that can satisfy the same needs as another, often leading to a choice between the two based on price, convenience, or preference.

Perfectly Competitive

A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and perfect knowledge, where no single firm can influence the market price.

Profit-Maximizing

The method through which a company identifies the pricing and production quantity that maximizes its profits.