________ is a market structure where only one firm provides a good or service that has no close substitutes.
A) An oligopoly
B) A monopoly
C) Perfect competition
D) Monopolistic competition

Question

Quizplus · Accepted Answer

A monopoly is a market structure where there is only one seller or provider of a good or service, with no close substitutes. The firm has complete market power, and can set its own price, quantity, and other market conditions. Other firms cannot compete with the monopolist, so consumers have limited options and may pay higher prices.

________ Is a Market Structure Where Only One Firm Provides