Monopoly means that
A)government regulates the industry.
B)the firm has control over market price but not output.
C)the firm has a patent.
D)one seller exists in a market in which there are no close substitutes.
E)a small number of firms are producing standardized products.

Question

Quizplus · Accepted Answer

Monopoly means that there is only one seller in a market with no close substitutes. This seller has complete control over the price and output of the product or service they provide. Monopolies often form due to barriers to entry, such as government regulations or patents, which prevent other firms from entering the market and competing.

Monopoly Means That