Question

companies delivering mixed concrete know that is cannot be shipped from farther than twenty-five miles because the concrete might harden in the truck. citrus county concrete company is the only supplier of mixed concrete to customers within a thirty-mile radius. citrus county concrete is an example of which of the following competitive structures:-monopoly-oligopoly-monopolistic competition-pure competition-monopsony

Answer 1

Monopoly

Step-by-step explanation:

Citrus county concrete company is the only supplier of mixed concrete to customers within a thirty-mile radius.

"A monopoly exists when a specific person or enterprise is the only supplier of a particular good. As a result, monopolies are characterized by a lack of competition within the market producing a good or service."

"A monopolistic competitive industry has the following features:

Many firms.

Freedom of entry and exit.

Firms produce differentiated products.

Firms have price inelastic demand; they are price makers because the good is highly differentiated

Firms make normal profits in the long run but could make supernormal profits in the short term

Firms are allocatively and productively inefficient."

References:

Boundless. “Boundless Economics.” Lumen, 2019

Pettinger, Tejvan. “Monopolistic Competition – Definition, Diagram and Examples.” Economics Help, 27 Feb. 2018