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Answer to Question #59401 in Economics of Enterprise for shania folkes

Question #59401
In the rural farming town of York Springs, Smith's was the only grocery store and Lehman's was the only animal feed mill. How would you describe these businesses?
Expert's answer
If Smith's was the only grocery store and Lehman's was the only animal feed mill, then these businesses are monopolies in this rural country, because there is no competitors for them.

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