Question

in china, there is a single provider of tobacco, china national tobacco corp., that has control of all or nearly all of its market. this is an example of ______.
a. monopolistic competition
b. a monopoly
c. an oligopoly
d. a duopoly
e. inflation

Explanation:

A monopoly is a market structure where a single firm controls the entire market for a good or service. Here, China National Tobacco Corp. is the sole provider of tobacco in China, controlling all or nearly all of the tobacco market, which fits the definition of a monopoly. Monopolistic competition has many firms with differentiated products, oligopoly has a few large firms, duopoly has two firms, and inflation is a general price increase, none of which match this scenario.

Answer:

B. a monopoly