According to the Text, the Most Important of the Five

question 2

Multiple Choice

According to the text, the most important of the five factors which give rise to monopoly is

• A)exclusive control over important inputs.
• B)economies of scale.
• C)patents.
• D)government licenses.
• E)network economies.

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Definitions:

Conception And Execution

Relates to the process of forming an idea or plan (conception) and then carrying it out or making it a reality (execution).

Rational-Legal Authority

A concept in sociology that denotes a form of leadership in which authority is largely tied to legal rationality, legal legitimacy, and bureaucracy.

Bureaucratic Structure

An organizational design characterized by a hierarchy of authority, a clear division of labor, explicit rules and procedures, and impersonality in managerial decisions.

Capitalism

An economic system characterized by private or corporate ownership of capital goods, investments determined by private decision, and prices, production, and the distribution of goods determined mainly by competition in a free market.