If you are told that the green cheese market on the moon is a monopoly, you would know that there
A) is only one seller of the green cheese produced on the moon
B) is only one buyer of the green cheese produced on the moon
C) is only green cheese on the moon
D) are close substitutes for green cheese on the moon
E) are only a few producers on the moon

Question

Quizplus · Accepted Answer

A monopoly exists when there is only one seller in the market, which means that this seller controls the entire supply of the product or service, in this case, green cheese on the moon.

If You Are Told That the Green Cheese Market on the Moon