Which of the following describes the market structure of monopoly?
A)many firms with some control over price, and considerable product differentiation
B)many firms with no control over price, producing identical products with no differentiation
C)a few firms with some control over price, producing similar products which are close substitutes
D)a few firms with no control over price, producing highly differentiated products
E)a single firm producing all of the output for the industry

Question

Quizplus · Accepted Answer

A monopoly exists when there is only one firm in the market, producing all of the output for the industry. The firm has complete control over the price of the product and there are no close substitutes available.

Which of the Following Describes the Market Structure of Monopoly