A monopoly occurs when there is a single seller for a product or service.
Level of Learning 1: Knowledge of key terms

Name: A monopoly occurs when there is a single seller for a product or service. Level of Learning 1: Knowledge of key terms
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Question

Quizplus · Accepted Answer

This statement is true. A monopoly refers to a market situation where there is only one seller, and this seller has an exclusive control over the supply of the product or service, making it a sole provider in the market.

A Monopoly Occurs When There Is a Single Seller for a Product