A monopoly is best defined as

Question

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A monopoly is a market where there is only one seller of a product that has no close substitutes, and there are high barriers to entry for potential competitors. Choice A describes a monopolistic competition, which is not a monopoly. Choice C describes an oligopoly, which is not a monopoly either. Choice D describes a contestable market, which is a market where there are low barriers to entry, and firms can enter and exit without significant costs, making it more competitive than a monopoly.

A Monopoly Is Best Defined as