Most Markets Are Not Monopolies in the Real World Because

question 29

Multiple Choice

Most markets are not monopolies in the real world because

• A) firms usually face downward-sloping demand curves.
• B) supply curves slope upward.
• C) price is usually set equal to marginal cost by firms.
• D) there are reasonable substitutes for most goods.

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Definitions:

African Slaves

People from the African continent forcibly taken and transported to other parts of the world primarily for free labor through the transatlantic slave trade.

Seventeenth Century

The period from January 1, 1601, to December 31, 1700, marking the 17th century in the Gregorian calendar, noted for significant cultural, scientific, and geographical explorations.

North American Colonies

Territories in North America that were claimed, settled, and governed by European powers prior to becoming independent nations.

West Central Africa

A region in Africa that includes countries like Angola, Congo (Republic of the Congo and Democratic Republic of the Congo), and Cameroon, known for its rich history and diverse cultures.