What is a monopoly?
A)A market in which a single firm is the sole producer.
B)An illegal consortium of firms acting as one.
C)A market where there is a sole buyer of a product.
D)A conglomerate where many different products are produced by one firm.

Question

Quizplus · Accepted Answer

A monopoly is a market in which a single firm is the sole producer of a particular product or service. This means that there are no close substitutes for the product and the firm has significant market power to influence prices and output.

What Is a Monopoly