Multiple Choice
In Hamilton, Ontario there are three very popular supermarkets: Superstore, Fortinos, and Sobeys.While Sobey's remains open twenty-four hours a day, Superstore and Fortinos close at 11 pm.Which of the following statements is true?
A) Sobeys is a monopoly all day because it produces a service that has no close substitutes.
B) Sobeys has a monopoly at midnight but not during the day.
C) Sobeys can ignore the pricing decisions of the other two supermarkets.
D) Sobeys probably has a higher markup to compensate for its higher cost of production.
Correct Answer:
Verified
Correct Answer:
Verified
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