A monopolistic market has ?
Correct answer: D. only one seller
- A. many buyers and sellers
- B. none of these answers
- C. firms that are price takers
- D. only one seller
Explanation
A monopoly is defined by a single seller serving the market, usually protected by barriers to entry. Its firm is a price maker rather than a price taker.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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