A monopoly is a seller of a product
A)with many substitutes.
B) without a close substitute.
C)with a perfectly inelastic demand.
D)without a well-defined demand curve.

Question

Quizplus · Accepted Answer

A monopoly is a market structure in which there is only one seller of a product or service and there are no close substitutes available. Therefore, the correct choice is B, without a close substitute.

A Monopoly Is a Seller of a Product