Companies delivering mixed concrete know that it cannot be shipped farther than 25 miles because the concrete might harden in the truck. Citrus County Concrete Company is the only supplier of mixed concrete to customers within a 30-mile radius. Citrus County Concrete is an example of which one of the following competitive structures?
A) Monopoly
B) Oligopoly
C) Monopolistic competition
D) Pure competition
E) Monopsony

Question

Quizplus · Accepted Answer

Citrus County Concrete Company is an example of a monopoly because it is the only supplier of mixed concrete within a 30-mile radius, indicating it has exclusive control over the market in that area.

Companies Delivering Mixed Concrete Know That It Cannot Be Shipped