The market structure of monopoly exists when
A) there are a small number of interdependent firms that constitute the entire market.
B) there is a single producer of a product.
C) there are many producers of differentiated products.
D) there are many producers of a homogeneous product.

Question

Quizplus · Accepted Answer

Monopoly exists when there is a single producer of a product, with no close substitutes and barriers to entry preventing other firms from entering the market.

The Market Structure of Monopoly Exists When