Question what is the definition of monopoly? a. a monopoly is a firm that is created and regulated by the government. b. a monopoly is a firm that earns large economic profits. c. a monopoly is a firm that is the only seller of a product in a given industry. d. a monopoly is a firm that is the only seller of a product that can ignore the average total costthe average total cost of production. e. all of the above.

Which of the following statements about brand names is true? brand names give the seller an incentive to provide consistently high-quality products and services in order to protect the reputation of the brand. brand names are always economically wasteful since they dupe consumers into buying more expensive goods and services that are no different from generic versions. it is always rational to prefer brand names over generic substitutes. read the following example and determine whether it illustrates a common critique or defense of advertising. musashi sees a commercial for a brand x clothing company that depicts the wearers of the clothes out having a good time with friends. although he doesn't particularly need new clothes, the commercial prompts him to buy a brand x t-shirt.