A single supplier of a good or service for which there is no close substitute is referred to as a(n)
A) strategic competitor.
B) monopoly.
C) oligopoly.
D) monopolistic competitor.

Question

Quizplus · Accepted Answer

A monopoly is a market structure in which a single firm produces and sells a good or service for which there is no close substitute. The lack of substitutes gives the monopoly firm considerable market power, allowing it to set prices higher than in competitive markets.

A Single Supplier of a Good or Service for Which