If the entire output of a market is produced by a single seller,the firm
A)Is a monopoly.
B)Faces perfectly inelastic demand.
C)Can charge any price it wants and not lose customers.
D)Is producing a new product.

Name: If the entire output of a market is produced by a single seller,the firm A)Is a monopoly. B)Faces perfectly inelastic demand. C)Can charge any price it wants and not lose customers. D)Is producing a new product.
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Question

Quizplus · Accepted Answer

A market with a single seller is a monopoly, as there is no competition.

If the Entire Output of a Market Is Produced by a Single