In Walnut Creek, California, there are three very popular supermarkets: Safeway, Whole Foods, and Lunardi's. while Safeway remains open-twenty-four hours a day, Whole Foods and Lunardi's close at 9 pm. Which of the following statements is true? Safeway probably has a higher markup to compensate for its higher cost of production. Safeway can ignore the pricing decisions of the other two supermarkets. Safeway is a monopoly all day because it produces a services that has no close substitutes. A monopoly is characterized by all of the following expect there are no close substitutes to the firm's product. the firm has market power. entry barriers are high. there are only a few sellers, each selling a unique product. Patents, tariffs and quotes are all examples of economic regulations that increase efficiency. entry barriers that protect consumers. entry barriers that improve a country's standard of living. government-imposed barriers.
