When the seller is the only one selling a particular product,it is known as:
A) Pure competition
B) Pure monopoly
C) Monopolistic competition
D) Oligopolistic competition
E) Perfect competition

Question

Quizplus · Accepted Answer

When the seller is the only one selling a particular product, it is known as a pure monopoly. In this situation, the seller has complete control over the price and supply of the product. There are no competitors to challenge their market dominance, and potential barriers to entry make it difficult for new players to enter the market. Therefore, choice B is the best option.

When the Seller Is the Only One Selling a Particular