A market in which only one firm sells a product and, thus, reaps all of the profits to be made is called a
A) monopoly.
B) monopsony.
C) government-regulated entity.
D) duopoly.

Name: A market in which only one firm sells a product and, thus, reaps all of the profits to be made is called a A) monopoly. B) monopsony. C) government-regulated entity. D) duopoly.
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Question

Quizplus · Accepted Answer

A monopoly is a market in which only one firm sells a product and, thus, reaps all of the profits to be made.

A Market in Which Only One Firm Sells a Product