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question 18

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Salts:


Definitions:

Monopoly

A firm that is the single seller in its market. Monopolies have market power because they produce a product or service without close substitutes, they have no rivals, and barriers to entry prevent other firms from entering the industry.

Twitter

A social media platform where users post and interact with messages known as tweets.

YouTube

A video-sharing platform that allows users to upload, view, share, and comment on videos.

Monopoly Profits

Profits that a company earns when it is the sole supplier of a product or service without any close substitutes, allowing it to control market prices.

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