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A monopoly is characterized by an absence of or decline in competition

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V
Joined: 22 Jun 2014
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A monopoly is characterized by an absence of or decline in competition [#permalink]

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New post 14 Apr 2017, 08:58
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A
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E

Difficulty:

  5% (low)

Question Stats:

86% (00:39) correct 14% (00:42) wrong based on 90 sessions

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A monopoly is characterized by an absence of or decline in competition. The ABC Company realizes that its operations are in competitive industries.

Which of the following conclusions may be inferred from the above?

A) ABC's market is not monopolistic.

B) Monopoly is defined as one seller in a market.

C) The ABC Company has no domestic competitors.

D) The ABC Company is publicly owned.

E) The ABC Company is in a service industry.

Source: 800Score
Spoiler: OA

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Re: A monopoly is characterized by an absence of or decline in competition [#permalink]

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New post 14 Apr 2017, 11:18
OA is (b)?


As option (a) says something which is too strong and which we have no proper evidence to conclude. It can or can not be monopolistic.


But (b) for sure is there as it is definitely one of the sellers in the market. And for that we do not need to know if the market is monopolistic or not.

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Re: A monopoly is characterized by an absence of or decline in competition [#permalink]

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New post 14 Apr 2017, 22:51
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HKD1710 wrote:
A monopoly is characterized by an absence of or decline in competition. The ABC Company realizes that its operations are in competitive industries.

Which of the following conclusions may be inferred from the above?

A) ABC's market is not monopolistic.

B) Monopoly is defined as one seller in a market.

C) The ABC Company has no domestic competitors.

D) The ABC Company is publicly owned.

E) The ABC Company is in a service industry.

Source: 800Score



I will go with A..
B i think is only talking one part ..in first sentence we have monopoly -- absence of or decline in competition --- may be more than one seller is possible but only one is ruling the market ...
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Re: A monopoly is characterized by an absence of or decline in competition [#permalink]

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New post 14 Apr 2017, 23:19
The Inference should relate market to Industry.

The only option here we see is Option E.

Service Industry is a Market for ABC company and they have many competitors .


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Re: A monopoly is characterized by an absence of or decline in competition [#permalink]

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New post 15 Apr 2017, 00:18
HKD1710 wrote:
A monopoly is characterized by an absence of or decline in competition. The ABC Company realizes that its operations are in competitive industries.

Which of the following conclusions may be inferred from the above?

A) ABC's market is not monopolistic.

B) Monopoly is defined as one seller in a market.

C) The ABC Company has no domestic competitors.

D) The ABC Company is publicly owned.

E) The ABC Company is in a service industry.

Source: 800Score


IMH its [A]

A) ABC's market is not monopolistic.- Correct --compeition is still there in the market means no monopoly of one company.

B) Monopoly is defined as one seller in a market.- there may be more than one seller-- monopoly does not mean only one company is there

C) The ABC Company has no domestic competitors.- Out of scope

D) The ABC Company is publicly owned.- Out of scope

E) The ABC Company is in a service industry.- nowhere it is mentioned that ABC is a service provider
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Re: A monopoly is characterized by an absence of or decline in competition [#permalink]

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New post 15 Apr 2017, 06:04
I go with A as a market is competitive when it is not monopolistic.
Re: A monopoly is characterized by an absence of or decline in competition   [#permalink] 15 Apr 2017, 06:04
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