____ refers to market situation where one firm completely controls a broad product-market.
A) Monopoly
B) Oligopoly
C) Pure competition
D) Monopolistic competition
E) Collectivist competition

Question

Quizplus · Accepted Answer

A monopoly refers to a market situation where one firm completely controls a broad product-market. This means that the firm does not face competition from any other firms in producing and selling a particular product or service. As a result, the monopolist has the power to control prices and output levels, which can lead to market inefficiencies and consumer welfare losses.

____ Refers to Market Situation Where One Firm Completely Controls