A market that involves only one seller of a good or service is known as
A)a monopoly
B)perfect competition
C)monopolistic competition
D)an oligopoly
E)perfect monopolistic competition

Question

Quizplus · Accepted Answer

A monopoly is a market structure where there is only one seller of a good or service. This seller has a significant market power and can control the price of the product as there are no close substitutes available. This lack of competition allows the monopolist to set higher prices and earn higher profits.

A Market That Involves Only One Seller of a Good