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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.
Verified Answer
BJ
Learning Objectives
- Familiarize yourself with the properties and outcomes of monopoly in the marketplace.