How does a monopoly violate a consumer’s right to choose?
(1 point)
Responses
It helps consumers afford the product.
It helps consumers afford the product.
It limits the consumer’s product alternatives.
It limits the consumer’s product alternatives.
It makes the consumer’s decisions more difficult.
It makes the consumer’s decisions more difficult.
It prevents the consumer from knowing about the product.
It limits the consumer’s product alternatives.
A monopoly violates a consumer's right to choose by limiting their product alternatives. When a company has a monopoly, it becomes the sole provider of a product or service, eliminating competition. This lack of competition limits the consumer's choices, as they have no other options to choose from. Without competition, the monopolistic company can also set higher prices and offer lower quality products, further restricting the consumer's choices. Therefore, a monopoly restricts the consumer's right to choose by reducing their options and limiting their ability to make informed decisions.
The correct response is: "It limits the consumer's product alternatives."
A monopoly violates a consumer's right to choose by limiting their product alternatives. A monopoly occurs when a single company or entity has exclusive control over a particular product or service in a market, with no significant competition. This lack of competition prevents consumers from having access to a variety of choices and options. As a result, consumers are left with no alternative options when purchasing a product or service. Without healthy competition, the monopolistic company can dictate prices, quality, and availability without considering the preferences or needs of consumers. This limits the consumer's freedom to make a choice based on their preferences, budget, or specific requirements.