If a firm sells its output on a market that is characterized by a single seller and many buyers of a homogeneous product for which there are no close substitutes and barriers to long-run resource mobility, then the firm is
A)a monopolist
B)an oligopolist
C)a perfect competitor
D)a monopolistic competitor

Question

Quizplus · Accepted Answer

This description fits the definition of a monopoly, where a single seller dominates the market with a unique product and there are significant barriers to entry for any potential competitors.

If a Firm Sells Its Output on a Market That