monopoly is the competitive market situation where
A) many sellers follow market price for identical, commodity products.
B) one seller sets the price for a unique product.
C) few sellers are sensitive to one another's prices.
D) many sellers compete on nonprice factors.
E) one or few sellers compete solely on nonprice factors.

Question

Quizplus · Accepted Answer

Monopoly is a market situation where there is only one seller who controls the supply of a unique product, and thus can set the price at a level that maximizes their profit. This single seller has no close substitutes, and therefore faces no competition.

Monopoly Is the Competitive Market Situation Where