If the firm owns vital resources, the market is likely to be:
A) a monopoly.
B) an oligopoly.
C) monopolistically competitive.
D) perfectly competitive.

Question

Quizplus · Accepted Answer

When a firm owns vital resources that are not easily accessible to others, it can control the market, leading to a monopoly because competitors cannot easily enter the market to challenge the dominant firm.

If the Firm Owns Vital Resources, the Market Is Likely