An industry with a single producer that sells a single product with no substitutes is a:
A)perfect competition.
B)monopoly.
C)oligopoly.
D)monopolistic competition.

Question

Quizplus · Accepted Answer

A monopoly is an industry with a single producer that sells a single product with no substitutes, as stated in the question. Perfect competition has many producers and products with no market power, oligopoly has a few producers and some market power, and monopolistic competition has many producers selling similar but differentiated products.

An Industry with a Single Producer That Sells a Single