Asked by
Sydney Johns
on Nov 27, 2024
Verified
Which phrase would be most characteristic of pure monopoly?
A) close substitutes
B) efficient advertiser
C) price taker
D) sole seller
Pure Monopoly
A market structure where a single firm has exclusive control over the supply and pricing of a particular product or service, with no close substitutes available.
Sole Seller
A market situation where only one seller exists for a particular product or service, often referred to as a monopoly.
- Understand the defining characteristics of pure monopoly.
Verified Answer
BR
Learning Objectives
- Understand the defining characteristics of pure monopoly.