Final answer:
A monopoly is defined by a single entity's control over a product or service in a market. Based on this, your local utility company and the only gas station along a 100-mile stretch of road could be considered as monopolies because they have exclusive control in their respective areas.
Step-by-step explanation:
When determining which of the given options could be considered a monopoly, it's important to understand what characterizes a monopoly. A monopoly exists when a single entity has exclusive control over the supply or trade of a product or service in a particular market. With this in mind, the choices that could be considered monopolies are:
- Your local utility company: This is often a monopoly because it's usually the only provider of utility services like electricity or water in a given geographic area, with no close competitors.
- The only gas station along a 100-mile stretch of road: This can be seen as a monopoly within that 100-mile area, as it's the only provider of gasoline, although whether it's a true monopoly might depend on the broader market context.
Brad Pitt cannot be considered a monopoly since he is an individual actor and not a company with exclusive market control. Boeing, while a major manufacturer of airplanes, does not hold a monopoly since there are other competitors like Airbus. Walmart is a large retailer but also faces competition from other retailers and is not a monopoly.