WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
IMMIGRATION IN INDUSTRIAL AMERICA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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negotiation of workers as a group with business owners over compensation
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a business that provides a necessity to the general public
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a market situation where there is only a single provider of a good or service
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an arrangement of similar businesses created to regulate production
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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: -A monopoly is defined as a single seller or producer that excludes competition from providing the same product. A monopoly can dictate price changes and creates barriers for competitors to enter the marketplace.
Detailed explanation-3: -A monopoly is a market with a single firm that pro-duces a good or service for which no close substitute exists and that is protected by a barrier that prevents other firms from selling that good or service.
Detailed explanation-4: -A monopsony is a market condition in which there is only one buyer. Because there is only one buyer for a good or service, the buyer sets the demand, and therefore, controls the price.
Detailed explanation-5: -Single seller: In a monopoly, there is one seller of the good, who produces all the output. Therefore, the whole market is being served by a single company, and for practical purposes, the company is the same as the industry. Price discrimination: A monopolist can change the price or quantity of the product.