If You Drive on a Rural Stretch of Highway and Come

question 93

Multiple Choice

If you drive on a rural stretch of highway and come upon an intersection in which there is only one gas station and you know it to be the only one for 100 miles, it is a

• A)monopolist.
• B)perfect competitor.
• C)monopolistic competitor.
• D)oligopolist.

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Definitions:

Eliminated

Removed or taken away, typically referring to the action of completely doing away with something.

Economic Losses

Financial losses incurred by businesses or individuals, often resulting from poor decisions or market conditions.

Supply Curve

A graphic representation showing the relationship between the price of a good or service and the quantity supplied for a given period.

Exit the Industry

The process by which a business ceases operations in a particular market or industry, usually due to economic pressures or lack of profitability.