Question

A monopoly is best defi ned as

Answer 1

The answer is A.  In a monopoly is only one provider of a certain resource or service that the public needs.  In this kind of situation that provider gains access to majority of the profits generated.  Competition is eliminated since he controls that particular good or service that consumers demand so much of.  The stronger the demand for that good, the more profits that provider makes.  These days there are laws against monopoly.  In fair market economy, there should be competitors in providing goods and services.  This way, consumers can choose from whom they purchase these goods from.