Which of the Following Are Necessary Characteristics of a Monopoly

question 329

Multiple Choice

Which of the following are necessary characteristics of a monopoly? i) The firm is the sole seller of its product.
Ii) The firm's product does not have close substitutes.
Iii) The firm generates a large economic profit.
Iv) The firm is located in a small geographic market.

• A) i) and ii) only
• B) i) and iii) only
• C) i), ii), and iii) only
• D) i), ii), iii), and iv)

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Definitions:

Type I Alcoholism

A pattern of alcohol dependence that typically emerges after the age of 25 and is less strongly associated with genetic factors.

Low-Nicotine Cigarettes

Cigarettes that have been engineered to contain reduced amounts of nicotine compared to traditional cigarettes.

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A potent chemical found in tobacco plants that acts as a stimulant and can lead to addiction.

Withdrawal Symptoms

Physical or psychological symptoms that occur after stopping or reducing intake of a substance on which the body has become dependent.