MyLab Economics with Pearson eText -- Access Card -- for Principles of Microeconomics
MyLab Economics with Pearson eText -- Access Card -- for Principles of Microeconomics
17th Edition
ISBN: 9780134081168
Author: CASE, Karl E.; Fair, Ray C.; Oster, Sharon E.
Publisher: PEARSON
Question
Chapter 13, Problem 1.1P
To determine

Relevance of monopoly.

Expert Solution & Answer
Check Mark

Explanation of Solution

The fact that Person V has the only 7-Eleven convenience store in the town does not mean this represents a monopoly. There may be other competitors in the town; for instance, other convenience stores such as Race T, Circle K, and so forth. There is also a possibility that the customers could drive to a different 7-Eleven convenience store in a nearby town.

Economics Concept Introduction

Monopoly: Monopoly is a market structure where there is only one seller of a good or service that does not have a close substitute.

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