2. Which of the following is true for a monopoly? I. There is only one fi rm....
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2. Which of the following is true for a monopoly?
I. There is only one fi rm.
II. The fi rm produces a product with many close substitutes.
III. The industry has free entry and exit.
a. I only
b. II only
c. III only
d. I and II only
e. I, II, and III
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