Asked by
Tyler Hockey
on Oct 27, 2024
Verified
An industry with a firm that is the only producer of a good or service for which there are no close substitutes and for which entry by potential rivals is prohibitively difficult is:
A) a duopoly.
B) a monopoly.
C) an oligopoly.
D) perfect competition.
Close Substitutes
Products or services that can easily replace each other in the eyes of the consumer, due to their similar features and functionalities.
- Develop a comprehension of the qualities and effects of monopolistic control on the market.
- Detect and fathom the impediments to entry within markets dominated by monopolies.
Verified Answer
AH
Learning Objectives
- Develop a comprehension of the qualities and effects of monopolistic control on the market.
- Detect and fathom the impediments to entry within markets dominated by monopolies.