A Monopoly

question 167

Multiple Choice

A monopoly

• A) must determine the price it will charge.
• B) faces extensive competition from firms making close substitutes.
• C) cannot price discriminate because such a pricing strategy is illegal in the United States.
• D) has no control over the price it can charge.
• E) Both answers B and C are correct.

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Definitions:

Demand And Supply

The fundamental economic concepts that describe the amount of a product or service available for sale at a particular price (supply) and the desire of buyers to purchase it (demand).

Overuse Of Natural Resources

The excessive use of natural resources, leading to their depletion or degradation, often faster than they can be replenished.

Paul Ehrlich

An environmental scientist known for his work on the population, resources, and the environment.

Famines

Extreme scarcities of food in a geographic area, leading to significant suffering, malnutrition, and mortality.