Refer to Figure 13.7. The figure shows a ________ monopoly.

A) patent
B) natural
C) strategic resource
D) profit-maximizing

Question

Refer to Figure 13.7. The figure shows a ________ monopoly.A)  patentB)  naturalC)  strategic resourceD)  profit-maximizing

Ashley Quintanilla · Accepted Answer

Final Answer : B, Explanation :  Without seeing Figure 13.7, the correct answer cannot be determined based on the question alone. However, the term natural monopoly is commonly used to describe a market where a single firm can supply a product or service at a lower cost than any potential competitor, often due to economies of scale. This term is distinct from concepts like patent monopolies, strategic resource monopolies, or the behavior of profit-maximizing, which can apply to various types of firms, not just monopolies.

Refer to Figure 13.7. The figure shows a ________ monopoly.

A) patent
B) natural
C) strategic resource
D) profit-maximizing

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Learning Objectives

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