1. A restriction on supply occurs when a market is monopolized by a single firm.
2. At the next annual meeting of shareholders a new director was elected and major policy decisions are made.
3. In the late 19th century, the corporation is viewed by many as the chief instrument of monopoly.
4. Prices are usually increase from one year to the next.
5. Adam Smith realized that a nation’s wealth depends on its ability to produce goods.