Which Is Most Characteristic of a Pure Monopoly

question 54

Multiple Choice

Which is most characteristic of a pure monopoly?

• A) There is a dominant firm in a multifirm industry.
• B) The firm produces a good or a service for which there are no close substitutes.
• C) The firm has considerable control over the quantity of the output produced,but not over price.
• D) Exit from the industry is blocked but entry into the industry is relatively easy.

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Definitions:

Overnight Delivery

A shipping service that guarantees the delivery of packages or documents to their destination by the next business day.

E-mail Message

Digital correspondence sent through the internet from one computer user to one or more recipients.

Bargained-for Exchange

An element of a contract where both parties exchange something of value.

Stock Exchange

A marketplace where securities, such as stocks and bonds, are bought and sold.