Principles Of Microeconomics (book With Myeconlab With Pearson Etext Access Card)
12th Edition
ISBN: 9780134435039
Author: CASE, Karl E.; Fair, Ray C.; Oster, Sharon E.
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 13, Problem 1.1P
To determine
Relevance of
Expert Solution & Answer
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.
Want to see more full solutions like this?
Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Chapter 13 Solutions
Principles Of Microeconomics (book With Myeconlab With Pearson Etext Access Card)
Knowledge Booster
Recommended textbooks for you
- Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
- Exploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, IncMicroeconomics: Principles & PolicyEconomicsISBN:9781337794992Author:William J. Baumol, Alan S. Blinder, John L. SolowPublisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc
Microeconomics: Principles & Policy
Economics
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:Cengage Learning