If a Good Has No Close Substitutes, the Market Is

question 3

Multiple Choice

If a good has no close substitutes, the market is likely to be:

• A) a monopoly.
• B) an oligopoly.
• C) monopolistically competitive.
• D) perfectly competitive.

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Definitions:

Investment

The allocation of resources, such as time, money, or effort, in expectation of a future benefit or return.

Missing Value

A term used to describe data that is absent or not available in a dataset or equation.

Compounded Annually

Interest calculation method where the interest is added to the principal at the end of each year, impacting the amount in the following year.

Maturity Value

The amount that will be received at the end of a fixed-income investment period such as a bond or certificate of deposit.