A firm is a pure monopoly when: a. it is the only seller of a unique product and
ID: 1097008 • Letter: A
Question
A firm is a pure monopoly when:
a.
it is the only seller of a unique product and barriers to entry prevent other sellers from entering the market in the long run.
b.
it is the only seller of a product that has very few close substitutes and entry into the market in the long run is unrestricted.
c.
there are only a few other very large firms selling similar products.
d.
it can sell all it can produce at any price it chooses.
a.
it is the only seller of a unique product and barriers to entry prevent other sellers from entering the market in the long run.
b.
it is the only seller of a product that has very few close substitutes and entry into the market in the long run is unrestricted.
c.
there are only a few other very large firms selling similar products.
d.
it can sell all it can produce at any price it chooses.
Explanation / Answer
a - it is the only seller of a unique product and barriers to entry prevent other sellers from entering the market in the long run.
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