A market served by only one firm is called a(n)

Name: A market served by only one firm is called a(n)
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Question

Quizplus · Accepted Answer

A monopoly is a market structure where there is only one firm serving the market, controlling the supply of the product and setting the price. In a perfectly competitive market, there are many firms with no significant market power. An oligopoly is a market structure where a small number of firms compete with each other. Therefore, only option B is correct.

A Market Served by Only One Firm Is Called A(n)