{"id":8709,"date":"2024-04-15T03:04:58","date_gmt":"2024-04-15T03:04:58","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=8709"},"modified":"2024-04-15T03:04:58","modified_gmt":"2024-04-15T03:04:58","slug":"perfect-monopoly-exists-only-if-a-the-single-vendor-can-prevent-the-entry-of-all-other-vendors-in-the-market-b-the-single-vendor-gets-the-absolute-franchise-of-the-product-c-the-single-vendor-is-t","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/perfect-monopoly-exists-only-if-a-the-single-vendor-can-prevent-the-entry-of-all-other-vendors-in-the-market-b-the-single-vendor-gets-the-absolute-franchise-of-the-product-c-the-single-vendor-is-t\/","title":{"rendered":"Perfect monopoly exists only if: A. the single vendor can prevent the entry of all other vendors in the market B. the single vendor gets the absolute franchise of the product C. the single vendor is the only one who has the permit to sell D. the single vendor is the only one who has the knowledge of the product"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a985e4622a1d\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"true\">\r\n                    the single vendor can prevent the entry of all other vendors in the market                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    the single vendor gets the absolute franchise of the product                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    the single vendor is the only one who has the permit to sell                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    the single vendor is the only one who has the knowledge of the product                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is A.<\/p>\n<p>A perfect monopoly exists when there is only one seller of a good or service in a market. The monopolist has the ability to control the price of the good or service, and there are no close substitutes available. This means that the monopolist can charge a higher price than would be possible in a competitive market, and consumers have no choice but to pay that price.<\/p>\n<p>Option B is not <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> correct because a monopoly <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> does not need to have an absolute franchise of the product. A monopoly can exist even if there are other sellers of the product, as long as the monopolist is the only one who can control the price.<\/p>\n<p>Option C is not correct because a monopoly does not need to be the only one who has the permit to sell the product. A monopoly can exist even if there are other sellers of the product, as long as the monopolist is the only one who can control the price.<\/p>\n<p>Option D is not correct because a monopoly does not need to be the only one who has the knowledge of the product. A monopoly can exist even if there are other sellers of the product, as long as the monopolist is the only one who can control the price.<\/p>\n<p>In conclusion, a perfect monopoly exists only if the single vendor can prevent the entry of all other vendors in the market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Join Our Telegram Channel Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[656],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Perfect monopoly exists only if: A. the single vendor can prevent the entry of all other vendors in the market B. the single vendor gets the absolute franchise of the product C. the single vendor is the only one who has the permit to sell D. the single vendor 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