To Have a Monopoly in an Industry There Must Be

question 188

Multiple Choice

To have a monopoly in an industry there must be

• A)barriers to entry so high that no other firms can enter the industry.
• B)a patent or copyright giving the firm exclusive rights to sell a product for 20 years.
• C)an inelastic demand for the industry's product.
• D)a public franchise, making the monopoly the exclusive legal provider of a good or service.

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Definitions:

Coconut Oil

A plant-based oil extracted from the meat of coconuts, used in cooking, skincare, and health products, noted for its high saturated fat content.

Mediterranean Diet

A dietary pattern inspired by the traditional eating habits of people from the Mediterranean region, known for its emphasis on fruits, vegetables, whole grains, olive oil, and fish.

Lactose Intolerance

A condition in which the body cannot easily digest lactose, a type of sugar found in milk and dairy products.

Food Allergy

A negative health impact that results consistently from a particular immune reaction when exposed to a certain food.