In which market structure does one firm sell a good or service with no close substitutes and there is a barrier blocking the entry of new firms?
A) only monopoly
B) only oligopoly
C) perfect competition
D) monopolistic competition
E) either monopoly or oligopoly

Question

Quizplus · Accepted Answer

A monopoly is a market structure where there is only one seller in the market with no close substitutes for its products or services. Additionally, there are barriers to entry for new firms, which prevent competition from emerging.

In Which Market Structure Does One Firm Sell a Good