Which statement best describes a monopoly?

A.

Consumers are free to decide which company's product is better.

B.

One company controls all the means of production of a product.

C.

The government decides which companies can make a product.

D.

Many companies share the market for one product.

Question

22 January, 19:16

+5

Answers (2)

Know the Answer?

Leroy Marquez · Answer 1

B. One company controls all the means of production of a product

However, monopoly power is where a firm has a 25% market share

Gianna · Answer 2

I would honestly have to say B.

Which statement best describes a monopoly?A.Consumers are free to decide which company's product is better.B.One company controls all the means of production of a product.C.The government decides which companies can make a product.D.Many companies share the market for one product.