The market structure where there is a single supplier of a good or service for which there is no close substitute is
A) a price searcher.
B) a monopoly.
C) a tariff.
D) the most economically efficient market structure.

Question

Quizplus · Accepted Answer

A monopoly is a market structure with a single supplier of a good or service. Monopolies have significant market power, and there is no close substitute for their product. As a result, they have the ability to charge higher prices and restrict output, which can lead to inefficiencies. Therefore, a monopoly is not the most economically efficient market structure. Price searcher refers to firms that have some market power but are not necessarily monopolies. Tariff refers to a tax on imported goods.

The Market Structure Where There Is a Single Supplier of a Good