Pure monopoly is the competitive market situation where
A)many sellers follow market price for identical,commodity products.
B)one seller sets the price for a unique product.
C)few sellers are sensitive to one another's prices.
D)many sellers compete on nonprice factors.
E)one or few sellers compete solely on nonprice factors.

Question

Quizplus · Accepted Answer

Pure monopoly is a market situation where there is only one seller who controls the supply and price of a unique product that has no close substitute. The monopolist has complete control over the market and can set the price at a level that maximizes their profits. Other choices do not fit the definition of pure monopoly.

Pure Monopoly Is the Competitive Market Situation Where