A monopolist is defined as
A) a firm with annual sales over $10 million.
B) a large firm, making substantial profits, that is able to make other firms do what it wants.
C) a single supplier of a good or service for which there is no close substitute.
D) a producer of a good or service that is expensive to produce, requiring large amounts of capital equipment.

Question

Quizplus · Accepted Answer

A monopolist is a firm that has exclusive control over the supply of a particular product or service with no close substitutes. This means that the firm is the sole producer and seller of the product or service and that there are no other firms in the market that can compete with the monopolist. Therefore, choice C - a single supplier of a good or service for which there is no close substitute - is the best choice.

A Monopolist Is Defined as