Place an X in front of the description of a monopoly.
_____ When one company controls the price, production and distribution of an entire industry.
_____ When one company shares all aspects of production of a product, from price to profit.
_____ When the production and profits of a company are shared with the workers and owners
X _____ When one company controls the price, production and distribution of an entire industry.
Place an X in front of the description of a monopoly.
_X___ When one company controls the price, production and distribution of an entire industry.
_____ When one company shares all aspects of production of a product, from price to profit.
_____ When the production and profits of a company are shared with the workers and owners
To identify the description of a monopoly, we need to understand what a monopoly is. A monopoly occurs when a single company has exclusive control over the production, distribution, and pricing of a particular product or service. Let's analyze each option to determine which one fits the definition of a monopoly.
1) _____ When one company controls the price, production, and distribution of an entire industry.
This option fits the description of a monopoly because it highlights that a single company has complete control over all aspects of an entire industry, including setting prices, determining production levels, and distributing the product.
2) _____ When one company shares all aspects of production of a product, from price to profit.
This option does not represent a monopoly. It suggests that a single company shares all aspects of production, including price and profit, with other entities. A monopoly implies a lack of competition and exclusive control, so this description does not align with that concept.
3) _____ When the production and profits of a company are shared with the workers and owners.
This option does not describe a monopoly either. It suggests that a company shares both production and profits with both workers and owners. A monopoly, on the other hand, involves a single company having complete control over an industry without sharing production or profits with other entities.
Therefore, the correct option to place an "X" in front of the description of a monopoly is:
X) When one company controls the price, production, and distribution of an entire industry.