Question

    When One Seller sells a Product, but the product has no

    close substitute, it is called:
    A Perfect Market Competition Correct Answer Incorrect Answer
    B Monopoly Correct Answer Incorrect Answer
    C Monopolistic Competition Correct Answer Incorrect Answer
    D Oligopoly Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    When one seller sells a product that has no close substitutes, it is referred to as a monopoly. In a monopoly market structure, there is a single seller or producer controlling the supply of a particular product or service with no direct competition.

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