How would a market structure that is most likely to result in higher prices, lower quality, and fewer choices for consumers be classified?
A) as a monopoly
B) as monopolistic competition
C) as an oligopoly
D) as pure competition

Question

Quizplus · Accepted Answer

A monopoly occurs when there is only one seller in the market with no close substitutes. This results in the seller having a significant degree of market power which allows them to charge higher prices, reduce the quality of the product, and limit the availability of choices for consumers.

How Would a Market Structure That Is Most Likely to Result