If competitive market circumstances are such that there is no price competition,no product differentiation,and the purpose of advertising is to increase demand for the product class,then _____ must exist in the industry.
A)a pure monopoly
B)an oligopoly
C)monopolistic competition
D)pure competition

Question

Quizplus · Accepted Answer

A pure monopoly exists when there is only one seller in a market and there are no close substitutes for the product. In this case, the monopolist has the power to set the price and output level, and there is no price competition.

If Competitive Market Circumstances Are Such That There Is No