Question

A ___________ occurs when one controls a product or service—for example, a small town with only one major newspaper.

Answer 1

Monopoly

Step-by-step explanation:

A monopoly is when there is only one firm operating in an industry. The monopoly sets it market price and price is usually higher than marginal cost. The monopoly makes economic profit both in the short and long run. There are usually high barriers to entry of firms into the industry where a monopoly exists.

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