A company is the only one producing its type of product. The company's owner is able to set price at the most profitable level. This company is in what type of market?
A)Oligopoly
B)Monopolistic competition
C)Monopoly
D)Perfect competition

Question

Quizplus · Accepted Answer

A monopoly is a market structure where there is only one producer of a unique product with no close substitutes, allowing the producer to set the highest price possible to maximize profits without fear of being undercut by competitors.

A Company Is the Only One Producing Its Type of Product