Which of the following describes a monopoly market?

Choose 1 answer:
(A) Kairos, LLC, which is one of many producers of an identical drug with an expired patent.
(B) Pathos, Inc., which produces an antibiotic that is similar to its rival Logos Corp.
(c) Ethos Unlimited, which is the sole producer of Gleemenex, a drug with no close substitutes.
(D) Rhetorica Unlimited, which is one of many sellers selling a good that is slightly differentiated from other sellers.
(E) Reason, Inc., which is one of the many sellers of a resource with only one buyer.

Question

Which of the following describes a monopoly market?

Choose 1 answer:
(A) Kairos, LLC, which is one of many producers of an identical drug with an expired patent.
(B) Pathos, Inc., which produces an antibiotic that is similar to its rival Logos Corp.
(c) Ethos Unlimited, which is the sole producer of Gleemenex, a drug with no close substitutes.
(D) Rhetorica Unlimited, which is one of many sellers selling a good that is slightly differentiated from other sellers.
(E) Reason, Inc., which is one of the many sellers of a resource with only one buyer.

Accepted Answer

∻Solution∻ ‖ a ⋮ Definition of Monopoly: A monopoly market is characterized by a single seller that produces a unique product with no close substitutes. ‖ ‖ b ⋮ Identification: Ethos Unlimited is the sole producer of Gleemenex, a drug with no close substitutes, fitting the definition of a monopoly. ‖ ∻Answer∻ ⚹ (C) Ethos Unlimited, which is the sole producer of Gleemenex, a drug with no close substitutes. ⚹ ∻Key Concept∻ ⚹ Monopoly Market ⚹ ∻Explanation∻ ⚹ A monopoly market is defined by a single firm that is the sole producer of a product with no close substitutes, allowing it to have significant market power. Ethos Unlimited fits this description as it is the only producer of Gleemenex. ⚹◊What factors determine the level of market power in a monopoly market?⍭ Generate me a similar question◊

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