Which of the following would be an example of a monopoly?

Question

Quizplus · Accepted Answer

A monopoly exists when there is only one firm that dominates a market, and there are no close substitutes for the goods or services they provide. Among the options provided, only a local petrol station in a small town could potentially have a monopoly if it is the only provider of fuel in the area, with no other competing stations nearby. The other options involve either multiple firms in the market (e.g. local cement companies), or are not likely to have complete control over a particular product or service (e.g. a bakery in a large city or a potato farmer).

Which of the Following Would Be an Example of a Monopoly