Using a Broad Definition, a Firm Would Have a Monopoly

question 168

Multiple Choice

Using a broad definition, a firm would have a monopoly if

• A)it produced a product that has no close substitutes.
• B)it does not have to collude with any other producer to earn an economic profit.
• C)there is no other firm selling a substitute for its product close enough that its economic profits are competed away in the long run.
• D)it can make decisions regarding price and output without violating antitrust laws.

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Definitions:

Liking

A feeling of fondness or affection towards someone or something.

Infatuation

An intense but short-lived passion or admiration for someone or something.

Passion

Strong romantic and sexual feelings.

Preoccupation

The state of being engrossed in thought or excessively concerned with something.