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on Oct 27, 2024

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A monopoly:

A) produces a product with no close substitutes.
B) is composed of a single buyer and several sellers.
C) is composed of a large number of small firms.
D) is composed of a small number of large firms.

No Close Substitutes

A market condition where a product or service has no similar alternatives close enough to serve as a replacement, enhancing its unique value.

  • Familiarize yourself with the properties and outcomes of monopoly in the marketplace.
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BJ
Beauvais JacobOct 31, 2024
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