In a pure monopoly, the market consists of many buyers and sellers who trade over a range of prices rather than a single market price.

Question

Quizplus · Accepted Answer

A pure monopoly is a market where there is only one seller and no close substitutes for the product or service being offered. In a pure monopoly, the seller has full control over the market price and faces no competition from other sellers. Therefore, there is no range of prices in a pure monopoly, only a single market price determined by the monopolist.

In a Pure Monopoly, the Market Consists of Many Buyers