Which of the following is an example of monopoly?
A) Shoe industry in the United States
B) Local utility industry in a small town
C) Newspaper industry in New York City
D) Bread industry in New York City

Question

Quizplus · Accepted Answer

A monopoly is a situation where a single company or entity has complete control over a particular product or industry, with little or no competition. In this case, the local utility industry in a small town fits the description of a monopoly as there may be only one provider of electricity, water, or gas, and consumers have no other options to choose from. The other options provided have multiple players in the industry, which means there is some level of competition.

Which of the Following Is an Example of Monopoly