One of the Requirements for a Monopoly Is That

question 25

Multiple Choice

One of the requirements for a monopoly is that

• A) products are high priced.
• B) there are several close substitutes for the product.
• C) there is a product with no close substitutes.
• D) the product cannot be produced by small firms.
• E) there is no barrier to entry.

---

Definitions:

Budget Line

A graphical representation of all possible combinations of two goods that can be purchased with a given budget at set prices.

Price of Food

The amount of money required to purchase food items in the market, which can vary based on factors like quality, demand, and supply.

Price of Clothing

Refers to the amount of money required to purchase garments and accessories.

Valuation

The process of determining the present value of an asset or company.