Which statement best describes a monopoly?

A.

Consumers are free to decide which company's product is better.

B.

One company controls all the means of production of a product.

C.

The government decides which companies can make a product.

D.

Many companies share the market for one product.

Question

Jamiya Marshall

26 July, 15:43

+2

Answers (2)

Know the Answer?

Deangelo Garner · Answer 1

Deangelo Garner 26 July, 17:03

0

I would honestly have to say B.

Jon Herman · Answer 2

B. One company controls all the means of production of a product

However, monopoly power is where a firm has a 25% market share

Which statement best describes a monopoly?A.Consumers are free to decide which company's product is better.B.One company controls all the means of production of a product.C.The government decides which companies can make a product.D.Many companies share the market for one product.