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.

---

Definitions:

Medicare Tax

A payroll tax that funds Medicare, providing health insurance to individuals aged 65 and older in the United States.

Salary

A fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, for professional or office work.

No Child Left Behind Act

A U.S. federal law enacted in 2002 aimed at improving the performance of U.S. primary and secondary schools by increasing standards of accountability for states, school districts, and schools, as well as providing parents more flexibility in choosing which schools their children will attend.

Federal Mandate

Regulations that the federal government imposes on state and local governments to carry out certain policies.