Author Question: Which of following is the best example of a monopoly if we use a broader definition of monopoly? ... (Read 113 times)

jhjkgdfhk

  • Hero Member
  • *****
  • Posts: 569
Which of following is the best example of a monopoly if we use a broader definition of monopoly?
 
  A) Santos Tacos, the only taqueria in the small town of Santosville
  B) Cheap Gas, one of two gasoline stations in a large rural community
  C) Spuds McKenzie, a wealthy potato farmer in Idaho
  D) Zippie Rentals, a sports car rental service in the downtown Boston area

Question 2

If we use a narrow definition of monopoly, then a monopoly is defined as a firm
 
  A) that has the largest market share in an industry.
  B) that can ignore the actions of all other firms because it produces a superior product compared to its rivals' products.
  C) that can ignore the actions of all other firms because it produces a product for which there are no close substitutes.
  D) that has been granted special production rights by the government.


jaykayy05

  • Sr. Member
  • ****
  • Posts: 329
Answer to Question 1

A

Answer to Question 2

C



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Drugs are in development that may cure asthma and hay fever once and for all. They target leukotrienes, which are known to cause tightening of the air passages in the lungs and increase mucus productions in nasal passages.

Did you know?

Critical care patients are twice as likely to receive the wrong medication. Of these errors, 20% are life-threatening, and 42% require additional life-sustaining treatments.

Did you know?

For high blood pressure (hypertension), a new class of drug, called a vasopeptidase blocker (inhibitor), has been developed. It decreases blood pressure by simultaneously dilating the peripheral arteries and increasing the body's loss of salt.

Did you know?

Approximately 70% of expectant mothers report experiencing some symptoms of morning sickness during the first trimester of pregnancy.

Did you know?

The first documented use of surgical anesthesia in the United States was in Connecticut in 1844.

For a complete list of videos, visit our video library