Term the exclusive right of one or more persons to carry on some branch of trade of manufacture It is a sole power of dealing in something ?
Correct answer: D. Monopoly
- A. Encroachment
- B. Monotony
- C. Unipolarity
- D. Monopoly
Explanation
A monopoly gives one person or group exclusive control over supplying a particular good, service, or branch of trade. Encroachment means unauthorized intrusion, while monotony means lack of variety.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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