A Monopoly Is a Firm That Is the Only Seller

question 151

Multiple Choice

A monopoly is a firm that is the only seller of a good or service that does not have

• A)a patent.
• B)a close complement.
• C)a barrier to entry.
• D)a close substitute.

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Definitions:

Sleeper Effect

A delayed impact of a message that occurs when an initially discounted message becomes effective, as we forget its source or its context.

Trustworthy

describes a person or entity that can be relied on as honest or truthful.

One-sided Messages

Persuasive messages that present only one perspective or aspect of an argument, often used when the audience is already in agreement or unaware of opposing viewpoints.

Less-educated People

Individuals who have received minimal formal education or possess lower educational qualifications.