The type of competitive structure that exists in the case where there are almost no substitutes for a product is a(n)
A) monopolistic competition.
B) oligopoly.
C) pure competition.
D) monopoly.
E) noncompetition.

Question

Quizplus · Accepted Answer

A monopoly is a competitive structure that exists when there are no close substitutes for a product, and a single firm controls the market. This means that the firm has complete market power and can set prices at its own discretion. In contrast, other competitive structures like monopolistic competition and pure competition have a larger number of firms and closer substitutes for the product, which limits a firm's ability to control prices.

The Type of Competitive Structure That Exists in the Case