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U-300003 a it has a monopoly or it is the only firm in the market. If a firm is a monopoly or is the only firm in the market, then it has a monopoly. The two statements are equivalent. ### Economists use the term monopoly to refer to a firm that has a monopoly or is the only firm in the market. If a firm is a monopoly or is the only firm in the market, then it has a monopoly. The two statements are equivalent. Part 1: Why is it that the two statements are equivalent? Alright, let's tackle this question. The subject is about why the two statements are equivalent. The two statements are: 1. Economists use the term monopoly to refer to a firm that has a monopoly or is the only firm in the market. 2. If a firm is a monopoly or is the only firm in the market, then it has a monopoly. First, I need to understand what a monopoly is. I remember that a monopoly is when there's only one firm in the market. So, if a firm is a monopoly, it's the only firm in the market. And if a firm is the only firm in the market, it has a monopoly. That makes sense. So, the two statements are talking about the same thing, just in different ways. Part 2: Why is it that the two statements are equivalent? I think the two statements are equivalent because they both express that a firm having a monopoly is the same as the firm being the only firm in the market. Option 1 says that economists use the term monopoly to refer to a firm that either has a monopoly or is the only firm in the market. This means that having a monopoly and being the only firm in the market are interchangeable terms. Option 2 says that if a firm is a monopoly or is the only firm in, it has a monopoly. This also means that having a monopoly and being the only firm in the market are interchangeable terms. Therefore, the two statements are equivalent because they both express that having a monopoly is the same as being the only firm in the market. answer: The two statements are equivalent because they both express that having a monopoly is the same as being the only firm in the market.

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