Which of the Following Markets Is Closest to a Monopoly

question 107

Multiple Choice

Which of the following markets is closest to a monopoly?

• A) a firm with a 90% market share
• B) the only gas station for 100 miles
• C) cable television
• D) garbage disposal

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Definitions:

Hierarchy

A system or organization in which people or groups are ranked one above the other according to status or authority.

Traditional

Adhering to or advocating for the preservation of established customs, ideas, or systems, usually in opposition to modern innovations or changes.

Procedures

Established ways of performing tasks or activities in organized settings, often following set rules or guidelines to achieve specific objectives.

Bureaucratic

Pertaining to the complex administrative structure and processes of organizations or governments, characterized by formal rules and hierarchy.