Multiple Choice
Suppose there is only one firm producing steel, one producing fiberglass, and one producing concrete. If steel and concrete are considered substitute goods in construction, while steel and fiberglass are considered substitute goods in auto production, there is no monopoly in the
A) steel market
B) fiberglass market
C) concrete market
D) construction market
E) boat market
Correct Answer:

Verified
Correct Answer:
Verified
Q101: If two foods are perfect substitutes, the
Q102: Explain the existence of natural monopolies such
Q103: A positive cross elasticity of demand means
Q104: There is only one firm in a
Q105: Legally, a patent grants a firm an
Q107: Firms in monopolistic competition and oligopoly depend
Q108: Perfectly competitive producers do not need to
Q109: Which of the following characteristics does not
Q110: In a market where all goods are
Q111: Oligopolies are known for the mutual interdependence