marketing,the form of competition that occurs when only one firm sells the product is referred to as __________.
A) pure competition
B) a megopoly
C) an oligopoly
D) monopolistic competition
E) pure monopoly

Question

Quizplus · Accepted Answer

Pure monopoly occurs when only one firm sells the product, with no close substitutes available in the market. In this type of market structure, the firm has complete market power, and there are significant barriers to entry for potential competitors. Therefore, the firm can set prices at a level that maximizes its profits without any fear of competition.

Marketing,the Form of Competition That Occurs When Only One Firm