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    Question

    If a firm sells its output on a market that is

    characterized by a single seller and many buyers of a homogeneous product for which there are no close substitutes and barriers to long-run resource mobility, then the firm is
    A a monopolist. Correct Answer Incorrect Answer
    B an oligopolist. Correct Answer Incorrect Answer
    C a perfect competitor. Correct Answer Incorrect Answer
    D a monopolistic competitor. Correct Answer Incorrect Answer
    E duopoly Correct Answer Incorrect Answer

    Solution

    If a firm sells its output on a market that is characterized by a single seller and many buyers of a homogeneous product for which there are no close substitutes and barriers to long-run resource mobility, then the firm is a monopolist

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