A(n)________ occurs when there is only one provider of a service or product and no substitutes for the service or product exist.

Question

Quizplus · Accepted Answer

A monopoly occurs when there is a single provider of a service or product and no substitutes exist. Duopoly refers to a market structure in which two firms dominate the market, oligopoly is a market structure with a few dominant firms, and perfect competition refers to a market structure where many firms compete with identical products.

A(n)________ Occurs When There Is Only One Provider of a Service