A Monopoly Occurs When There Is a Single Seller for a Product

question 128

True/False

A monopoly occurs when there is a single seller for a product or service.
Level of Learning 1: Knowledge of key terms

---

Definitions:

Variables

Elements, features, or factors that are likely to vary or change from one situation to another in an experiment or study.

Representative Sample

A subset of a population that accurately reflects the members of the entire population.

Population

The total number of individuals within a species or a designated area at a specific time.

Composition

The arrangement or structure of elements within a work of art, literature, or music that forms a unified whole.