Question

For many​ years, the International Nickel Company of Canada essentially operated as a monopoly. What made this company a monopoly ? The International Nickel Company of Canada was essentially a monopoly because

A. the input market for nickelnickel​, used to make nickel products​, was perfectly competitive.
B. it had almost exclusive control of the​ world's supply of nickel​, used to make nickel products.
C. the buyers of nickel products had virtually no bargaining power.
D. Nickel​, used to make nickel products​, has many close substitutes that can also be used to produce nickelproducts.
E. the suppliers of nickel​, used to make nickel products, had substantial bargaining power.

Answer 1

The International Nickel Company of Canada was essentially a monopoly because;

B. it had almost exclusive control of the​ world's supply of nickel​, used to make nickel products.

Step-by-step explanation:

The International Company of Canada(Inco Limited) was initially a Canadian mining company and a leading producer of of nickel in the 20th century. The company was formed in the 1902 from a merger between Canadian Copper Company and the New Jersey based Orford Copper refinery. They company was later purchased by a Brazilian mining company in 2006.

Inco limited enjoyed much of the monopoly in nickel production in the 20th century. A monopoly can be defined as the exclusive control of the supply of a good or service. Since Inco limited was in complete control over the mining of nickel, they also had power over nickel products. Thus had complete control over the production of nickel and nickel products. Competition in this kind of market can be very difficult especially if the other company has little or no control over the production of that product. Inco Limited became a monopoly in this way by having almost exclusive control of the worlds supply on nickel.