Josiah owns and operates the only pet supply store in his town. There are no other places to buy pet food for over 200 miles and internet service is not always reliable in this small community. This means that Josiah’s one company completely controls the sale of pet products in his area, essentially giving him a what?
Josiah’s one company essentially gives him a monopoly over the sale of pet products in his area.
Josiah's situation can be described as a monopoly. A monopoly is a market condition in which there is only one supplier or seller of a particular good or service. In this case, Josiah's pet supply store is the sole provider of pet products in the town, with no competition in the area.
In this scenario, Josiah's one company controlling the sale of pet products in his area essentially gives him a monopoly.
To arrive at this answer, you can analyze the situation and consider the definition of a monopoly. A monopoly refers to a situation where a single company or entity has exclusive control over a particular product or service in a given market, with no direct competition. In this case, Josiah owns and operates the only pet supply store in town, meaning there are no other places to buy pet food within a radius of 200 miles. Additionally, the unreliable internet service further limits access to alternative sources of pet supplies. This lack of competition and exclusive control over the market makes Josiah's company a monopoly in the area.