A Monopoly Occurs When

question 281

Multiple Choice

A monopoly occurs when

• A) each of many firms produces a product that is slightly different from that of the other firms.
• B) one firm sells a good that has no close substitutes and a barrier blocks entry for other firms.
• C) there are many firms producing the same product.
• D) a few firms control the market.
• E) one firm is larger than the many other firms that make an identical product.

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Definitions:

CPI

The Consumer Price Index measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

Every Month

Refers to occurrences or measurements that happen or are evaluated on a monthly basis.

Bureau Of Labor Statistics

A U.S. government agency responsible for collecting and analyzing data related to employment, wages, and other aspects of the workforce.

Typical Consumer

An average or representative individual in the economy who consumes goods and services and whose behaviors reflect broader consumer trends.