Monopoly is a market structure characterised by:
A) a couple of large sellers.
B) a high quality product.
C) a high entry barrier to the market.
D) many close substitutes.

Question

Quizplus · Accepted Answer

Monopoly is a market structure in which there is only one seller that has control over the market. This is achieved through high entry barriers that make it difficult for other firms to enter the market and compete. The other options, such as a couple of large sellers or many close substitutes, are characteristics of an oligopoly or monopolistic competition market structure. A high-quality product is not a defining characteristic of monopoly.

Monopoly Is a Market Structure Characterised By