A firm that is the sole producer of a good or service with no close substitutes is called a:
A) perfectly competitive firm.
B) monopolist.
C) oligopolist.
D) monopolistically competitive firm.
Correct Answer:
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Q1: A monopoly is a firm that:
A)is the
Q11: A monopoly:
A)is a price taker.
B)faces competition from
Q12: One barrier to entry into a monopoly
Q12: Firms can have a high degree of
Q13: A perfect monopoly:
A)refers to a single seller.
B)can
Q14: One barrier to entry into a monopoly
Q19: Which of the following is not considered
Q20: Diamonds are expensive because:
A) very few diamonds
Q21: If the monopolist charges a high price,he
Q22: A market in which a single firm
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