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Micro × inelast × cture.com/courses/1390584/quizzes/1970785/take ECON101 Canvas Coinbase 111 GDAX TradingView D Question 7 14 pts For many years, De Beers of South Africa essentially operated as a monopoly. What made this company a monopoly? De Beers of South Africa was essentially a monopoly because it had almost exclusive control of the world's supply of diamond deposits, used to make diamond jewelry o the input market for raw diamonds, used to make diamond jewelry, was perfectly competitive. the buyers of diamond jewelry had virtually no bargaining power. , used to make diamond jewelry, has many close substitutes that can also be O used to produce diamond jewelry

Explanation / Answer

7.

Correct Answer:

It had almost exclusive control of the world supply of diamond deposits, used to make diamond jewellery

Explanation:

The company has the ownership of most of resources that have diamond deposits. It makes them able to control the market and cater the demand at prices and quality that cannot be matched by other firms.

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