Which of the following is a characteristic of a monopoly?

a) There are no barriers to entry in an industry.
b) A firm is one of many firms in its industry.
c) A firm has very little market power.
d) A single firm produces all of the output in the market.

Which maxim is being neglected in the following conversation? eli: how did you do at the track meet? caleb: i came in second place! eli: congratulations! what was your time? caleb: six minutes, four seconds. the guy who won only beat me by three seconds. eli: really? katie said the winning time was under 6 minutes. caleb: oh, well, he might have beat me by five seconds. a)maxim of quantity b)maxim of quality c)maxim of relevance d)maxim of manner