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25 November, 00:46

Which of the following best approximates a pure monopoly? rev: 05_15_2018 Multiple Choice

1. The foreign exchange market

2. The Kansas City wheat market

3. The only bank in a small town

4. The soft drink market

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Answers (1)
  1. 25 November, 03:58
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    3) The only bank in a small town

    Explanation:

    By definition a monopoly occurs when there is only one supplier in the market for a specific good or service. In this case, if there is only one bank that works in a small town, then that bank has a monopoly of all the town's residents that require banking services. If any resident doesn't like that specific bank, they need to go to another town in search for banking services.
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