A firm that is the only seller of a good or service that does not have a close substitute is called

Question

Quizplus · Accepted Answer

A monopoly is a situation where a single firm is the only seller of a good or service in the market, and there are no close substitutes for that good or service. As a result, the firm has a significant degree of market power and can act as a price maker, setting the price at a level that maximizes its profits. Therefore, a monopoly is the correct answer to this question.

A Firm That Is the Only Seller of a Good