Choose the answer that does not describe a Monopoly. Clay just developed a teleportation machine, he is the only one that knows how to make it and his company is the only company out there making them and selling them, he has no competitors what so ever. Megan is the owner of a very successful fast food chain with multiple locations in every city across the country, however she always has to adjust the prices depending on the area due to the variety of other fast food chains in the area, but she still is the most popular.
Choose the answer that does not describe a Monopoly. Clay just developed a teleportation machine, he is the only one that knows how to make it and his company is the only company out there making them and selling them, he has no competitors what so ever. Megan is the owner of a very successful fast food chain with multiple locations in every city across the country, however she always has to adjust the prices depending on the area due to the variety of other fast food chains in the area, but she still is the most popular.
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Transcribed Image Text:Choose the answer that does not describe a Monopoly.
Clay just developed a teleportation machine, he is the only one that knows how
to make it and his company is the only company out there making them and
selling them, he has no competitors what so ever.
Megan is the owner of a very successful fast food chain with multiple locations
in every city across the country, however she always has to adjust the prices
depending on the area due to the varicty of other fast food chains in the area,
but she still is the most popular.
O Lily owns a Pet store in a large city, Cach timc she gets enough money she buys a
competitor and turns their store into one of hers, eventually she will have all of
the pet stores in her city under her company, practicing Hlorizontal Integration.
Avery owns a clothing company in which he owns all of the means of production
from the cotton field in which his clothes are made from to the storefront that
they are sold in, practicing Vertical Integration.
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Monopoly: The existence of a single manufacturer or a single seller in the market exhibits the monopoly situation. For example, a person having the right to produce and sell fodder crops in a particular area exhibits the monopoly condition.
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