The market structure in which there is a single supplier of a good or service for which there is no close substitute is
A) a price searcher.
B) a monopoly.
C) a price taker.
D) perfect competition.

Question

Quizplus · Accepted Answer

A market structure with a single supplier and no close substitute is known as a monopoly. In a monopoly, the supplier has significant control over the price of the good or service, and there is no competition. The supplier can charge higher prices and limit output, which can result in reduced consumer surplus and allocative inefficiency.

The Market Structure in Which There Is a Single Supplier