What type of competitive structure exists when a firm produces a product that has no close substitutes?
A) Monopoly
B) Oligopoly
C) Monopolistic competition
D) Pure competition
E) Mixed competition

Question

Quizplus · Accepted Answer

When a firm produces a product that has no close substitutes, it is in a monopolistic market structure, which means there is only one dominant supplier of that product, creating a monopoly.

What Type of Competitive Structure Exists When a Firm Produces