Question

What is Monopoly?

• A. A game created by Charles Darrow
• B. A market dominated by one seller
• C. Name of a city in New Jersey
• D. (A) and (B)
• E. (A), (B) and (C)

Hint:

Remember that "Monopoly" has both a cultural (board game) and economic (market structure) meaning.

Answer 1

The Correct Option is D

Step 1: Understanding Monopoly.
Monopoly is a board game created by Charles Darrow in the early 20th century, where players aim to dominate a market by acquiring properties. In economics, "monopoly" also refers to a market structure dominated by a single seller.
Step 2: Analyzing the options.
(A) A game created by Charles Darrow: Correct, *Monopoly* is a well-known board game created by Darrow.
(B) A market dominated by one seller: Correct, "monopoly" also refers to a market condition where one seller controls the entire supply of a product.
(C) Name of a city in New Jersey: Incorrect, *Monopoly* is not the name of a city in New Jersey.
(D) (A) and (B): Correct, this option accurately defines both the game and the economic term.
(E) (A), (B), and (C): Incorrect, as the city reference is incorrect.
Step 3: Conclusion.
The correct answer is (D) (A) and (B), as *Monopoly* refers to both the game created by Charles Darrow and the economic term describing a market dominated by a single seller.