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.
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