THE VIRGINIA DYNASTY 1801 1825
AMERICAN INDUSTRIALIZATION FACTORY SYSTEM AND MARKET REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a company makes goods with machines
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a company makes goods by hand
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a company takes control of a product or service
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government takes over a business
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Detailed explanation-1: -A monopoly is when one company and its product dominate an entire industry whereby there is little to no competition and consumers must purchase that specific good or service from the one company.
Detailed explanation-2: -A monopoly exists when one supplier provides a particular good or service to many consumers. In a monopolistic market, the monopoly, or the controlling company, has full control of the market, so it sets the price and supply of a good or service.
Detailed explanation-3: -Monopoly is a market that has a few large firms. Duopoly is a market that has a few large firms. Perfect competition is a market that has a few large firms.
Detailed explanation-4: -A monopoly is a structure in which a single supplier produces and sells a given product or service. If there is a single seller in a certain market and there are no close substitutes for the product, then the market structure is that of a “pure monopoly".
Detailed explanation-5: -Understanding Monopolists The hallmark of a monopoly is a lack of economic competition to produce the good or service, a lack of viable substitute goods, and the possibility of a high monopoly price well above the seller’s marginal cost that leads to excessive profit. In economics, a monopoly is a single seller.