Under which of the following market structures would consumers likely pay the highest price for a product?

Question

Quizplus · Accepted Answer

In a monopoly, there is only one supplier of a product, and they have significant control over the market. They can set prices as high as they want because consumers have no other alternatives to turn to. Therefore, consumers would likely pay the highest price for a product under a monopoly.

Under Which of the Following Market Structures Would Consumers Likely