A monopoly market is one with:

Question

Quizplus · Accepted Answer

A monopoly market is a market structure in which there is only one seller and many buyers. This means that the seller has significant control over the price of the product or service they are selling, as there are no close substitutes available. In this type of market, the seller is able to maximise their profits by setting a higher price than they would be able to in a more competitive market. A monopoly market is characterized by a single seller who has control over the supply of good or service, thereby creating a situation where there are many buyers but only one seller. In a monopoly, the seller sets the price for the product or service without any competition. Therefore, choice C, many buyers and one seller, best describes a monopoly market.

A Monopoly Market Is One With