Multiple choice

Directions: Select the word that replaces the given expression

Mr. William's company had an exclusive right to buy and sell a commodity.

  1. duopoly

  2. cartel

  3. monopoly

  4. trader
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

A monopoly is an exclusive right to buy and sell a commodity - where one entity controls the entire market for a product or service. A duopoly involves two sellers, a cartel is an alliance of sellers, and trader is too generic. The question describes exclusive control by one company.

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