THE ROAD TO REVOLUTION 1700 1774
THE BOSTON TEA PARTY INTOLERABLE ACTS FIRST CONTINENTAL CONGRESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is the meaning of the word monopoly as used in paragraph 2?
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No control of goods
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Complete control over entire supply
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Control over the people
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Control over the money
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Explanation:
Detailed explanation-1: -Definition: A market structure characterized by a single seller, selling a unique product in the market. In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute.
Detailed explanation-2: -The term monopoly means a single seller (mono = single and poly = seller). In economics, a monopoly refers to a firm which has a product without any substitute in the market. Therefore, for all practical purposes, it is a single-firm industry.
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