Question

A feedlot that is the sole purchaser of feeder calves in a remote region may be labeled as a monopolist.

a. True
b. False

Answer 1

A feedlot that is the sole purchaser of feeder's calves in a remote region may be labeled as a monopolist.

Step-by-step explanation:

In economics, a monopolist is a provider of a good or service that has no close substitutes in the market, allowing them to have substantial control over the price and quantity of their product. Therefore, if a feedlot is the sole purchaser of feeder calves in a remote region, it may be considered a monopolist. This means that the feedlot has the power to set the price of feeder calves and exert control over the market. Thus, the statement is true.