A monopoly occurs when
A)There is only one producer of a good or service.
B)There is only one buyer of a good or service.
C)Owners take on additional risk and earn huge profits.
D)Companies become greedy and raise the price of a good or service.

Question

Quizplus · Accepted Answer

A monopoly occurs when there is only one producer of a good or service, meaning there is no competition in the market. This allows the monopolist to have significant control over the price and supply of the product, potentially leading to higher prices and reduced consumer choice.

A Monopoly Occurs When