📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!


    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.

    Practice Next
    ask-question

    Not sure which exam is best for you Talk to our expert

    Get My Free Call