Pure monopoly is the competitive market situation where
A) many sellers follow market price for identical, commodity products.
B) one seller sets the price for a unique product.
C) few sellers compete, and are sensitive to one another's prices.
D) many sellers compete on nonprice factors.
E) one or a few sellers compete solely on nonprice factors.

Question

Quizplus · Accepted Answer

Pure monopoly is a market situation where there is only one seller of a unique product. The seller has complete control over the price of the product and is not affected by the actions of other sellers.

Pure Monopoly Is the Competitive Market Situation Where