Pure monopoly is defined as a
A)one-firm industry.
B)market structure in which there are many substitute products.
C)market structure maintained by entry of many rival firms.
D)market structure created by special government sanctions.

Question

Quizplus · Accepted Answer

Pure monopoly is a market structure in which there is only one firm that produces a unique product or service with no close substitutes. Thus, option A, "one-firm industry," is the correct answer. Option B describes a monopolistic competition, option C describes a perfect competition and option D describes a government-granted monopoly.

Pure Monopoly Is Defined as a