Which one of the following is the most accurate description of a monopolist?
A) a sole producer of a narrowly defined product class, such as brown, Grade A eggs produced in Eagle County, Colorado
B) a firm that is very large relative to all its competitors within a narrow product class
C) a sole producer of a product for which good substitutes are lacking in a market with high barriers to entry
D) a large, multinational firm that produces a single product in a narrow product class

Question

Quizplus · Accepted Answer

A monopolist is best described as a sole producer of a product for which there are no close substitutes and where there are high barriers to entry, preventing other firms from entering the market easily.

Which One of the Following Is the Most Accurate Description