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Q: __________________ occurs when a country has a monopoly on producing a product or is able to produce it at a cost below that of all other countries.
A: Monopolies are thus characterized by a lack of economic competition to produce the good or service and a lack of viable substitute goods.[2] The verb "monopolize" refers to the process by which a company gains the ability to raise prices or exclude [ competitors. In economics, a monopoly is a single seller. In law, a monopoly is business entity that has significant market power, that is, the
power, to charge high prices.[3] Although monopolies may be big businesses, size is not a characteristic of a monopoly. A small business may still have the power to raise prices in a small industry (or market).[4] ]
Expert answered|AwesomeGuy200|Points 578|
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Asked 5/27/2012 8:27:00 PM
Updated 3/10/2014 4:06:35 AM
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Absolute Advantage occurs when a country has a monopoly on producing a product or is able to produce it at a cost below that of all other countries.



Added 3/10/2014 4:06:35 AM
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(TCO 3) A key feature of a(n) _________ is that it has manufacturing capacity or some other physical presence in different nations. (Points : 5)
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A key feature of a(n) MULTINATIONAL CORPORATION is that it has manufacturing capacity or some other physical presence in different nations.
Added 2/27/2014 5:40:41 AM
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Labor unions and businesses in the heavy equipment industry have asked the U.S. Congress to place a tax on imported equipment in order to make it more expensive. They hope that this will allow U.S. producers to be more competitive. The U.S. heavy equipment industry appears to be seeking a(n):
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Updated 10/8/2012 8:44:34 AM
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Labor unions and businesses in the heavy equipment industry have asked the U.S. Congress to place a tax on imported equipment in order to make it more expensive. They hope that this will allow U.S. producers to be more competitive. The U.S. heavy equipment industry appears to be seeking a PROTECTIVE TARIFF.
Added 10/8/2012 8:44:34 AM
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