A Single Supplier of a Good or Service for Which

question 302

Multiple Choice

A single supplier of a good or service for which there is no close substitute is referred to as a(n)

• A) strategic competitor.
• B) monopoly.
• C) oligopoly.
• D) monopolistic competitor.

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Definitions:

Trademark

A recognizable sign, design, or expression that identifies products or services of a particular source from those of others, legally protected under intellectual property laws.

Fishing Lure

An object used in fishing to attract and catch fish, often designed to mimic the appearance or movement of prey.

Legal Protection

Measures and laws in place to safeguard rights, liberties, and properties of individuals or entities.

Patent

A legal document granted by the government giving an inventor exclusive rights to make, use, and sell an invention for a certain number of years.