A Firm That Is the Only Seller of a Good

question 45

Multiple Choice

A firm that is the only seller of a good or service that does not have a close substitute is called

• A)a monopoly.
• B)an oligopolist.
• C)a market maker.
• D)a price maker.

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Definitions:

Ethical Problem

A situation where a person is faced with a dilemma involving moral principles or practice.

Criminal Justice

The system of practices and institutions aimed at upholding social control, deterring and mitigating crime, and sanctioning those who violate laws.

Public Policy

Governmental guidelines, principles, and actions adopted to solve societal problems, achieve certain goals, and impact the public's welfare.

Ethical Dilemma

A situation in which a person is forced to choose between two morally right or two morally wrong actions, with no clear resolution that satisfies all ethical considerations.