The market structure in which there is a single supplier of a good or service for which there is no close substitute is
A) oligopoly.
B) perfect competition.
C) monopoly.
D) monopolistic competition.

Question

Quizplus · Accepted Answer

A monopoly is a market structure where there is only one supplier of a particular product or service with no close substitute. In this situation, the monopolist has significant market power and can control prices, output, and quality. This is different from other market structures such as oligopoly (a few large suppliers), perfect competition (many small suppliers), and monopolistic competition (many small suppliers with slightly differentiated products).

The Market Structure in Which There Is a Single Supplier