A monopoly is a firm that is the only seller of a good or service that does not have
A)a patent.
B)a close complement.
C)a barrier to entry.
D)a close substitute.

Name: A monopoly is a firm that is the only seller of a good or service that does not have A)a patent. B)a close complement. C)a barrier to entry. D)a close substitute.
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Question

Quizplus · Accepted Answer

A monopoly exists when a firm is the sole seller of a product that has no close substitutes, allowing it to control the market and set prices.

A Monopoly Is a Firm That Is the Only Seller