A firm that is the only seller of a good or service that does not have a close substitute is called
A)a monopoly.
B)an oligopolist.
C)a market maker.
D)a price maker.

Question

Quizplus · Accepted Answer

A monopoly is a market structure in which a single firm is the only supplier of a good or service that does not have a close substitute. The firm has control over the price and quantity of the product and is able to earn above-normal profits in the long run.

A Firm That Is the Only Seller of a Good