competitive market situation in which one seller sets the price for a unique product is referred to as

Question

Quizplus · Accepted Answer

This scenario describes a pure monopoly, where there is only one seller of a unique product and they have complete control over the price. In an oligopoly, there are a few dominant sellers who collude to set prices. Monopolistic competition involves many sellers of similar but differentiated products, and pure competition involves many sellers of identical products with no control over price. "Monopolistic oligopoly" is not a recognized term in economics.

Competitive Market Situation in Which One Seller Sets the Price