Which one of the following is the best description of a monopolist?
A) a firm that produces a single product
B) a firm that is the sole producer of a narrowly defined product class, such as yellow, grade-A butter produced in Jackson County, Wisconsin
C) a firm that is the sole producer of a product for which there are no good substitutes in a market with high barriers to entry
D) a firm that is large relative to its competitors
Correct Answer:
Verified
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