Ask Question
8 January, 18:51

Which of the following best approximates a pure monopoly? rev: 05_15_2018 Multiple Choice

1. The foreign exchange market

2. The Kansas City wheat market

3. The only bank in a small town

4. The soft drink market

+1
Answers (1)
  1. 8 January, 19:12
    0
    3) The only bank in a small town

    Explanation:

    By definition a monopoly occurs when there is only one supplier in the market for a specific good or service. In this case, if there is only one bank that works in a small town, then that bank has a monopoly of all the town's residents that require banking services. If any resident doesn't like that specific bank, they need to go to another town in search for banking services.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Which of the following best approximates a pure monopoly? rev: 05_15_2018 Multiple Choice 1. The foreign exchange market 2. The Kansas City ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers