Legal Monopoly: Definition & Examples

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

In a legal monopoly substitutes happen when?

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1. Which one is NOT a requirement of a legal monopoly?

2. Which one is NOT part of the involvement of the government in a legal monopoly?

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About This Quiz & Worksheet

At times, business and the government work hand-in-hand to effectively operate and provide goods and services. The quiz and worksheet accompanying this lesson will help you to better understand the relationship between business, government and economics that results in the formation of legal monopolies.

Quiz & Worksheet Goals

The quiz and worksheet will test you on:

  • The concept of substitutes
  • Attributes of a legal monopoly
  • The role of government in business
  • Examples of legal monopolies

Skills Practiced

These tools will assess your skills of:

  • Reading comprehension-- - ensure that you draw the most important information from the related lesson legal monopolies
  • Defining key concepts - ensure that you can accurately define main phrases, such as no close substitutes and government mandating
  • Critical thinking - apply relevant concepts to examine information about government and business in a different light

Additional Learning

Make sure you have all of the information by studying the corresponding lesson Legal Monopoly: Definition & Examples. These objectives will be covered in detail:

  • Understand the idea of competition in the marketplace
  • Know how technological advancements affect business development
  • Discover the proper role of government in business
  • Identify examples of legal monopolies in our society
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