A Monopoly

question 161

Multiple Choice

A monopoly

• A) always makes a profit.
• B) can force consumers to purchase what it is selling.
• C) is characterized by a single seller who produces a well-defined product for which there are no good substitutes.
• D) always has naturally created barriers.
• E) always has government-created barriers.

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Definitions:

Labor Force

The total number of people, both employed and unemployed, who are actively seeking and available for work in the economy.

Labor Force

The total number of people who are employed and those who are actively seeking employment.

Bureau of Labor Statistics

A US government agency that collects, processes, and disseminates essential statistical data on labor economics, including employment, wages, and productivity.

Unemployed

Refers to people who are without a job and have actively looked for work within the recent past.