A local monopoly is a firm that:
A)is the sole supplier of a good without substitutes in a specific geographic area.
B)is one of the suppliers of a good in a specific geographic area.
C)supplies to the consumers within only one country.
D)produces to meet the requirement of only one consumer.
E)supplies its product to customers only in one city.

Question

Quizplus · Accepted Answer

A local monopoly is a firm that is the sole supplier of a good without substitutes in a specific geographic area. This means that there are no other competitors offering the same product or service in that particular area, giving the monopolist greater pricing power and control over the market.

A Local Monopoly Is a Firm That