Under what market structure do we have only one firm?
A)Perfect Competition
B)Monopoly
C)Monopolistic Competition
D)Oligopoly

Question

Quizplus · Accepted Answer

In a monopoly market structure, there exists only one firm that controls all the supply in the market. This firm has extensive control over the pricing of the product or service, and there are no close substitutes. Unlike perfect competition, where there are numerous firms and no one firm has control over the market, or monopolistic competition, where there are still multiple firms but with some differentiation in products, in a monopoly market, there is only one firm. Oligopoly is a market structure where there are only a few dominant firms controlling the market supply.

Under What Market Structure Do We Have Only One Firm