Insuring a safe and consistent quality of chimney sweeps while losing the benefits of competition in this industry is an example of ________ resulting from monopolies.
A)a quagmire
B)a tradeoff
C)an externality
D)experimentation

Question

Quizplus · Accepted Answer

When a monopoly exists, competition is eliminated, which means that there is no incentive for companies to compete on price or quality. As a result, consumers may have to sacrifice certain benefits, such as lower prices or better quality, for the perceived safety and consistency of the service provided by the monopolist. This is a tradeoff that consumers have to make when dealing with monopolies.

Insuring a Safe and Consistent Quality of Chimney Sweeps While