Question

The Harrisons live in a country where they are the only business allowed to supply consumers with leather shoes. What type of economy is this an example of?

Answer 1

The type of economy that the Harrisons live in is a monopoly. A monopoly is when only one company offers a specific service or sells a specific product, in this case shoes. Since there is no competition, the seller has complete control over the price.

Answer 2

The example of economy is monopoly because Harrison is only providing leather shoes to the consumer.

What is economy?

Economy is an economic condition of a country, state, or the world. Economy includes the expenses and earning of a country or a single person.

Monopoly is the control of the entire business on her own.

The options are attached:

1. Competitive
2. regulation
3. mixed
4. monopoly

Thus, the correct option is 4.monopoly.

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