Question

There is no direct competition in a particular industry, yet a firm operating in such an industry will have almost no control over pricing. This industry is an example of _____.

Answer 1

Answer: regulated monopoly

Explanation:

A monopoly is a form of business whereby whereby there's only one seller in a particular market.

When there is no direct competition in a particular industry, and yet such firm is operating in such an industry will have almost no control over pricing, this is a regulated monopoly. Government regulates monopoly so that the interest of consumers will be protected.