Monopoly Is Characterized by

question 12

Multiple Choice

Monopoly is characterized by

• A)many close substitutes.
• B)no barriers to entry.
• C)a downward sloping demand curve.
• D)a horizontal demand curve.

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Definitions:

Value Judgment

An assessment based on personal views, ethical standards, or aesthetics, rather than on measurable or objective criteria.

Deduction

An amount that is subtracted from someone's gross income, reducing the taxable income and thus the amount of tax owed.

Induction

A reasoning process that involves making generalizations based on specific observations or instances.

Microeconomics

The study of economic behavior and decision-making in small units, such as households and firms.