Question

1. what is a contract issued by a company that gives a single firm the right to sell its goods within an exclusive market? license a patent b franchise c monopoly d 2. what are the principal conditions that allow monopolies to exist? technologies a price discrimination b barriers to entry c licenses d 3. what is a product that is considered the same regardless of who makes or sells it? good a perfect competition b limited resource c commodity d

Explanation:

1. A franchise is a contract where a company gives a single firm the right to sell its goods in an exclusive market. A license is a general permission, a patent is for intellectual property protection, and a monopoly is a market structure.
2. Barriers to entry prevent other firms from entering the market, allowing a monopoly to exist. Technologies and licenses are not the principal conditions, and price discrimination is a practice of a monopoly, not a condition for its existence.
3. A commodity is a product that is considered the same regardless of who makes or sells it. A good is a general term, perfect competition is a market structure, and a limited resource is about scarcity.

Answer:

1. C. Franchise
2. C. barriers to entry
3. D. commodity