If a good or service has only more than one seller, it is called a monopoly.

Name: If a good or service has only more than one seller, it is called a monopoly.
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Quizplus · Accepted Answer

If a good or service has only one seller, it is called a monopoly. If it has more than one seller, it is called an oligopoly, a monopolistic competition, or a perfect competition depending on the degree of market power each seller has.

If a Good or Service Has Only More Than One