If the entire output of a market is produced by a single seller,the firm
A)Is a monopoly.
B)Faces perfectly inelastic demand.
C)Can charge any price it wants and not lose customers.

Question

Quizplus · Accepted Answer

A market with a single seller is known as a monopoly. In this situation, the seller has complete control over the supply of the product and can influence the price. Therefore, customers have no choice but to buy from the monopoly seller, allowing them to charge any price they want, but making sure to retain a more or less stable number of customers.

If the Entire Output of a Market Is Produced by a Single