Whether the given option is a monopoly or not.

Question

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Answer 1

Question

Chapter 13, Problem 1P

To determine

To find:

Whether the given option is a monopoly or not.

Expert Solution & Answer

Answer to Problem 1P

The option a. Mrs. K (an actress), option b. DB Diamond Company and option c. The only doctor in a small town can be considered as monopoly.

Explanation of Solution

Mrs. K (an actress), DB Diamond Company and the only doctor in a small town, all these hold the characteristics of a monopoly firm. Mr. K is not the only actress, but she has a monopoly over her service or acting and she has full control over the price of her service. Similarly, the DB diamond company enjoys the largest market share of the world. Hence, the diamond company can be considered as monopoly.

The only doctor in a small town has a monopoly and he or she is the single seller of the service. Hence, the doctor can enjoy all the market share. Thus, the doctor can be considered as monopoly.

The F motor company cannot be a monopoly, it can be oligopoly. This type of company is not the only single seller in the market. However, in field of motor companies there are very few companies and they sell almost close substitutes. Hence, it is a case of oligopoly.

Economics Concept Introduction

Monopoly market:

Monopoly refers to that market structure, where a single seller enjoys the largest market share along with many buyers and the product sold by monopoly have no close substitutes. In the monopoly market, the seller is free to charge any price for their product and the entry of new firms in this market is very difficult.

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Answer 2

Question

Chapter 13, Problem 1P

To determine

To find:

Whether the given option is a monopoly or not.

Expert Solution & Answer

Answer to Problem 1P

The option a. Mrs. K (an actress), option b. DB Diamond Company and option c. The only doctor in a small town can be considered as monopoly.

Explanation of Solution

Mrs. K (an actress), DB Diamond Company and the only doctor in a small town, all these hold the characteristics of a monopoly firm. Mr. K is not the only actress, but she has a monopoly over her service or acting and she has full control over the price of her service. Similarly, the DB diamond company enjoys the largest market share of the world. Hence, the diamond company can be considered as monopoly.

The only doctor in a small town has a monopoly and he or she is the single seller of the service. Hence, the doctor can enjoy all the market share. Thus, the doctor can be considered as monopoly.

The F motor company cannot be a monopoly, it can be oligopoly. This type of company is not the only single seller in the market. However, in field of motor companies there are very few companies and they sell almost close substitutes. Hence, it is a case of oligopoly.

Economics Concept Introduction

Monopoly market:

Monopoly refers to that market structure, where a single seller enjoys the largest market share along with many buyers and the product sold by monopoly have no close substitutes. In the monopoly market, the seller is free to charge any price for their product and the entry of new firms in this market is very difficult.

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Answer 3

Question

Chapter 13, Problem 1P

To determine

To find:

Whether the given option is a monopoly or not.

Expert Solution & Answer

Answer to Problem 1P

The option a. Mrs. K (an actress), option b. DB Diamond Company and option c. The only doctor in a small town can be considered as monopoly.

Explanation of Solution

Mrs. K (an actress), DB Diamond Company and the only doctor in a small town, all these hold the characteristics of a monopoly firm. Mr. K is not the only actress, but she has a monopoly over her service or acting and she has full control over the price of her service. Similarly, the DB diamond company enjoys the largest market share of the world. Hence, the diamond company can be considered as monopoly.

The only doctor in a small town has a monopoly and he or she is the single seller of the service. Hence, the doctor can enjoy all the market share. Thus, the doctor can be considered as monopoly.

The F motor company cannot be a monopoly, it can be oligopoly. This type of company is not the only single seller in the market. However, in field of motor companies there are very few companies and they sell almost close substitutes. Hence, it is a case of oligopoly.

Economics Concept Introduction

Monopoly market:

Monopoly refers to that market structure, where a single seller enjoys the largest market share along with many buyers and the product sold by monopoly have no close substitutes. In the monopoly market, the seller is free to charge any price for their product and the entry of new firms in this market is very difficult.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 13, Problem 1P

To determine

To find:

Whether the given option is a monopoly or not.

Expert Solution & Answer

Answer to Problem 1P

The option a. Mrs. K (an actress), option b. DB Diamond Company and option c. The only doctor in a small town can be considered as monopoly.

Explanation of Solution

Mrs. K (an actress), DB Diamond Company and the only doctor in a small town, all these hold the characteristics of a monopoly firm. Mr. K is not the only actress, but she has a monopoly over her service or acting and she has full control over the price of her service. Similarly, the DB diamond company enjoys the largest market share of the world. Hence, the diamond company can be considered as monopoly.

The only doctor in a small town has a monopoly and he or she is the single seller of the service. Hence, the doctor can enjoy all the market share. Thus, the doctor can be considered as monopoly.

The F motor company cannot be a monopoly, it can be oligopoly. This type of company is not the only single seller in the market. However, in field of motor companies there are very few companies and they sell almost close substitutes. Hence, it is a case of oligopoly.

Economics Concept Introduction

Monopoly market:

Monopoly refers to that market structure, where a single seller enjoys the largest market share along with many buyers and the product sold by monopoly have no close substitutes. In the monopoly market, the seller is free to charge any price for their product and the entry of new firms in this market is very difficult.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 13, Problem 1P

To determine

To find:

Whether the given option is a monopoly or not.

Expert Solution & Answer

Answer to Problem 1P

The option a. Mrs. K (an actress), option b. DB Diamond Company and option c. The only doctor in a small town can be considered as monopoly.

Explanation of Solution

Mrs. K (an actress), DB Diamond Company and the only doctor in a small town, all these hold the characteristics of a monopoly firm. Mr. K is not the only actress, but she has a monopoly over her service or acting and she has full control over the price of her service. Similarly, the DB diamond company enjoys the largest market share of the world. Hence, the diamond company can be considered as monopoly.

The only doctor in a small town has a monopoly and he or she is the single seller of the service. Hence, the doctor can enjoy all the market share. Thus, the doctor can be considered as monopoly.

The F motor company cannot be a monopoly, it can be oligopoly. This type of company is not the only single seller in the market. However, in field of motor companies there are very few companies and they sell almost close substitutes. Hence, it is a case of oligopoly.

Economics Concept Introduction

Monopoly market:

Monopoly refers to that market structure, where a single seller enjoys the largest market share along with many buyers and the product sold by monopoly have no close substitutes. In the monopoly market, the seller is free to charge any price for their product and the entry of new firms in this market is very difficult.

Answer 6

Chapter 13, Problem 1P

To determine

To find:

Whether the given option is a monopoly or not.

Expert Solution & Answer

Answer to Problem 1P

The option a. Mrs. K (an actress), option b. DB Diamond Company and option c. The only doctor in a small town can be considered as monopoly.

Explanation of Solution

Mrs. K (an actress), DB Diamond Company and the only doctor in a small town, all these hold the characteristics of a monopoly firm. Mr. K is not the only actress, but she has a monopoly over her service or acting and she has full control over the price of her service. Similarly, the DB diamond company enjoys the largest market share of the world. Hence, the diamond company can be considered as monopoly.

The only doctor in a small town has a monopoly and he or she is the single seller of the service. Hence, the doctor can enjoy all the market share. Thus, the doctor can be considered as monopoly.

The F motor company cannot be a monopoly, it can be oligopoly. This type of company is not the only single seller in the market. However, in field of motor companies there are very few companies and they sell almost close substitutes. Hence, it is a case of oligopoly.

Economics Concept Introduction

Monopoly market:

Monopoly refers to that market structure, where a single seller enjoys the largest market share along with many buyers and the product sold by monopoly have no close substitutes. In the monopoly market, the seller is free to charge any price for their product and the entry of new firms in this market is very difficult.

Answer 7

Chapter 13, Problem 1P

To determine

To find:

Whether the given option is a monopoly or not.

Answer 8

Expert Solution & Answer

Answer to Problem 1P

The option a. Mrs. K (an actress), option b. DB Diamond Company and option c. The only doctor in a small town can be considered as monopoly.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Mrs. K (an actress), DB Diamond Company and the only doctor in a small town, all these hold the characteristics of a monopoly firm. Mr. K is not the only actress, but she has a monopoly over her service or acting and she has full control over the price of her service. Similarly, the DB diamond company enjoys the largest market share of the world. Hence, the diamond company can be considered as monopoly.

The only doctor in a small town has a monopoly and he or she is the single seller of the service. Hence, the doctor can enjoy all the market share. Thus, the doctor can be considered as monopoly.

The F motor company cannot be a monopoly, it can be oligopoly. This type of company is not the only single seller in the market. However, in field of motor companies there are very few companies and they sell almost close substitutes. Hence, it is a case of oligopoly.

Answer 12

Economics Concept Introduction

Monopoly market:

Monopoly refers to that market structure, where a single seller enjoys the largest market share along with many buyers and the product sold by monopoly have no close substitutes. In the monopoly market, the seller is free to charge any price for their product and the entry of new firms in this market is very difficult.

Answer 13

Ch. 13 - Prob. 1P Ch. 13 - Prob. 2P Ch. 13 - Prob. 3P Ch. 13 - Prob. 4P Ch. 13 - Prob. 5P Ch. 13 - Prob. 6P Ch. 13 - Prob. 7P Ch. 13 - Prob. 8P Ch. 13 - Prob. 9P Ch. 13 - Prob. 10P

Whether the given option is a monopoly or not.

To find: Whether the given option is a monopoly or not.

Answer to Problem 1P

Explanation of Solution

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Chapter 13 Solutions

To find:

Whether the given option is a monopoly or not.