An industry with a single firm producing a product for which there are no close substitutes and which is protected by barriers to entry is:
A)perfect competition.
B)monopolistic competition.
C)oligopoly.
D)monopoly.
Perfect competition.monopolistic competition.oligopoly.
Monopoly.

Question

Quizplus · Accepted Answer

A monopoly is a market structure where there is only one firm producing a product with no close substitutes and protected by barriers to entry. The firm has complete control over the price of the product and can earn supernormal profits in the long run.

An Industry with a Single Firm Producing a Product for Which