Refer to the information provided in Figure 13.7 below to answer the question(s) that follow. Figure 13.7
-Refer to Figure 13.7. The figure shows a ________ monopoly.
A) patent
B) natural
C) strategic resource
D) profit-maximizing

Question

Refer to the information provided in Figure 13.7 below to answer the question(s) that follow.  Figure 13.7
-Refer to Figure 13.7. The figure shows a ________ monopoly.
A) patent 
B) natural 
C) strategic resource 
D) profit-maximizing

Quizplus · Accepted Answer

Without seeing Figure 13.7, the correct answer cannot be determined based on the question alone. However, the term "natural monopoly" is commonly used to describe a market where a single firm can supply a product or service at a lower cost than any potential competitor, often due to economies of scale. This term is distinct from concepts like patent monopolies, strategic resource monopolies, or the behavior of profit-maximizing, which can apply to various types of firms, not just monopolies.

Refer to the Information Provided in Figure 13