Local Telephone Service Was Once an Area in Which Consumers

question 117

Multiple Choice

Local telephone service was once an area in which consumers had no choices. Many young people no longer use "land lines" preferring instead to use their cellular phones. This means that the market has moved toward

• A)monopoly.
• B)oligopoly.
• C)perfect competition.
• D)monopsony.

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Definitions:

Emigration

The act of leaving one's country to settle in another, often for reasons such as seeking better economic opportunities or escaping unfavorable conditions.

Low-wage Nation

A country where the general level of wage rates is significantly lower than that in developed countries, often linked to different economic or living cost standards.

United States

A country located in North America, known for its large economy, diverse population, and federal system of government.

Immigrate

To enter and settle in a country or region to which one is not native, often for permanent residency or employment.