ECON-1010-D1/D2-Introduction to Microeconomics Course Materials & Test Answers | moodle.uleth.ca

Which of the following scenarios best represents a monopoly situation?

None of the above.

Robert is the only seller of a specific cola soft drink, but Erin sells one that is a close substitute.

Bob owns the only grocery store in a small community that lies 300 kilometres from the nearest city.

Tim owns a fishing tackle shop in Vancouver, in which he sells the top-of-the-line fishing equipment.

Bill and Tom work separately from one another but both sell a very rare form of the same diamond. They are the only sellers of this type of diamond in town.

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ECON-1010-D1/D2-Introduction to Microeconomics

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