Pure monopoly
A)is defined as having only one supplier.
B)has no close substitutes for its product.
C)exists when entry and survival of potential competitors is extremely unlikely.
D)All of these responses are correct.

Question

Quizplus · Accepted Answer

A pure monopoly is a market structure where there is only one supplier and there are no close substitutes for its product. Additionally, the entry and survival of potential competitors is extremely unlikely, giving the monopolist a significant degree of market power. Therefore, all three options listed in the question are correct.

Pure Monopoly