Which of the following is a market structure in which only one seller of a product exists and for which there are no close substitutes?
A)Pure competition
B)Monopolistic competition
C)Oligopoly
D)Monopoly

Question

Quizplus · Accepted Answer

A monopoly is a market structure in which only one seller of a product exists and for which there are no close substitutes. In a monopoly, the seller has complete control over the supply of the product and can charge any price they want. This is in contrast to pure competition, in which there are many sellers of a similar product, monopolistic competition, in which many sellers offer similar but slightly differentiated products, and oligopoly, in which there are only a few sellers who are able to influence market prices.

Which of the Following Is a Market Structure in Which