If competitive market circumstances are such that there is no price competition, no product differentiation, and the purpose of advertising is to increase demand for the product class, then___________ must exist in the industry.
A)monopolistic competition
B)pure competition
C)an oligopoly
D)a pure monopoly

Question

Quizplus · Accepted Answer

A pure monopoly exists when there is only one seller in the market and no close substitutes for the product. In this case, the monopolist has the power to set the price and output level, and there is no competition from other firms.

If Competitive Market Circumstances Are Such That There Is No