suppose vincent has the only franchise for a 7-eleven convenience store in oxfor
ID: 1104893 • Letter: S
Question
suppose vincent has the only franchise for a 7-eleven convenience store in oxford, mississippi, a city with a population of roughly 21,000. does the fact that vincent has the only 7-eleven in town necessarily mean this represents a monopoly? Explain. suppose vincent has the only franchise for a 7-eleven convenience store in oxford, mississippi, a city with a population of roughly 21,000. does the fact that vincent has the only 7-eleven in town necessarily mean this represents a monopoly? Explain.Explanation / Answer
Monopoly exists when a company or an enterprise is the market leader as it is the only supplier of a particular goods or services with a single control on market. 7-eleven is the world largest american-Japanese convenience store having amny franchises and 56,600 stores in 18 countries.It offers variety of products like Beverages, alcohol, candy and LEDs etc.
As vincent has the only franchise for a 7-eleven convenience store in oxford, mississippi, a city with a population of roughly 21,000 and it is one of the famous and reknowned store with a market leader in the world and the only store in vincent so it represents a monopoly as no other franchisee is there and it is a small town with 21000 population so it enjoys a leader position as well.
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