Monopolies Arise When There Are

question 266

Multiple Choice

Monopolies arise when there are

• A) many substitutes but there are no barriers to entry.
• B) no close substitutes and there are no barriers to entry.
• C) no close substitutes and there are barriers to entry.
• D) many substitutes and there barriers to entry.
• E) None of the above answers are correct because the existence of a monopoly has nothing to do with the presence or absence of barriers to entry.

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Definitions:

Compensation

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Automatic Disbarment

The compulsory removal or expulsion of a lawyer from the bar association or the legal profession, triggered by certain actions without the need for a formal proceeding.

Lawyer's Conduct

The ethical and professional behavior expected of lawyers, governed by legal standards and professional bodies to ensure integrity and competence.

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Law Complexity refers to the intricate nature of legal principles, statutes, and regulations, which can vary widely by jurisdiction and area of law.