For a ﬁrm to be considered a monopoly, it must _____.
A) take as given the price of the product that is established in the market
B) be the only buyer of a factor of production
C) be the only producer of a good for which there are no close substitutes
D) face only a few competitors that produce similar, but not identical, products

Question

Quizplus · Accepted Answer

A monopoly is defined as a market structure where a single firm is the only producer of a good or service for which there are no close substitutes, giving it significant market power.

For a ﬁRm to Be Considered a Monopoly, It Must