Principles of Economics (12th Edition)
12th Edition
ISBN: 9780134078779
Author: Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
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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.
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Chapter 13 Solutions
Principles of Economics (12th Edition)
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