A market with only one seller of a product that has no good substitutes is called
A)A pure monopoly
B)A pure command economy
C)Purely competitive
D)Imperfectly competitive
E)An oligopoly

Question

Quizplus · Accepted Answer

A market with only one seller of a product that has no good substitutes is known as a pure monopoly. In a pure monopoly, the single seller has complete control over supply and price, and there is no competition.

A Market with Only One Seller of a Product That