An Industry with a Firm That Is the Only Producer

question 37

Multiple Choice

An industry with a firm that is the only producer of a good or service for which there are no close substitutes and for which entry by potential rivals is prohibitively difficult is:

• A)a duopoly.
• B)a monopoly.
• C)an oligopoly.
• D)perfect competition.

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Definitions:

Personal Control

An individual's belief in their capacity to influence and control events in their lives.

Informational Social Influence

A psychological process where individuals change their attitudes or behavior based on the information or evidence presented by others, particularly in uncertain situations.

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A measure of how efficiently a vehicle uses fuel, often expressed in miles per gallon (mpg) or liters per 100 kilometers (l/100km).

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A compact crossover vehicle produced by Ford, known for its versatility, fuel efficiency, and technology features.