A Monopoly Can Result Because Of

question 62

Multiple Choice

A monopoly can result because of:

• A) an ownership of a vital resource with other firms.
• B) a legal patent over a good shared with another large firm.
• C) successful operations.
• D) production of a unique good which no one else can replicate.

Understand the concept of e-commerce and its significance in modern business.

Distinguish between value-adding and non-value-adding business activities.

Explain the significance of information systems in various business areas.

Analyze business scenarios using Porter's Five Forces model.

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Definitions:

Socioeconomic Status

A social standing or class of an individual or group often measured as a combination of education, income, and occupation.

Ethnic Background

Refers to an individual's cultural heritage, traditions, language, and customs based on their ancestry or country of origin.

Cystic Fibrosis

A genetic disorder that affects the lungs and digestive system, causing severe damage to the respiratory and digestive systems due to thick, sticky mucus.

Recessive Gene

A gene that produces its characteristic phenotype only when its allele is identical and partnered with another recessive gene.