A snack shop inside a hotel in a busy city has a monopoly on food sales if it is the only food vendor in the hotel that is open 24 hours a day.

Name: A snack shop inside a hotel in a busy city has a monopoly on food sales if it is the only food vendor in the hotel that is open 24 hours a day.
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Question

Quizplus · Accepted Answer

A monopoly exists when a single seller dominates the entire market for a product or service, not just within a specific location or time frame. The snack shop may have a competitive advantage but not a monopoly.

A Snack Shop Inside a Hotel in a Busy City