A) The NFL is often cited as the best approximation of a pure monopoly in the given options. While there are other sports leagues, the NFL has a unique position in American culture and market dominance. It controls the sport’s broadcasting rights, has exclusive player contracts, and operates with little direct competition, particularly when it comes to professional football.
B) The steel market is not a pure monopoly but rather an oligopoly, with several large companies competing. Prices and outputs are influenced by the actions of these companies, which indicates a level of competition.
C) Similarly, the oil market is characterized by major companies but remains competitive, with global players affecting prices and supply. This competition prevents it from being a pure monopoly.
D) The fast food market is highly competitive, with many players and constant innovation in menu offerings and pricing strategies. This makes it far from a monopoly.
In summary, while all options have characteristics of market control, the NFL stands out as the closest example to a pure monopoly due to its unique market position and lack of direct competition in professional football.