Using a Broad Definition, a Firm Would Have a Monopoly

question 159

Multiple Choice

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

• A)it produced a product that has 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:

Reliability

The likelihood that a system or component will perform its required functions for a specified period under stated conditions.

Components

Individual parts or elements that combine or work together within a larger product, system, or mechanism.

Series

A sequence of numbers, objects, or events arranged in a specific order and often following a specific rule.

Parallel

Concurrent or simultaneous; in computing, refers to processes that are executed at the same time.