A market with a single seller, and where entry into the market is impossible, is:
A) monopolistic.
B) purely competitive.
C) oligopolistic.
D) monopolistically competitive.

Question

Quizplus · Accepted Answer

A market with a single seller and where entry is impossible is defined as a monopoly. This is characterized by the absence of competition, which allows the single seller to set prices.

A Market with a Single Seller, and Where Entry into the Market