Asked by Alanna Cooperman on Jun 01, 2024
Verified
An industry with a single producer that sells a single product with no substitutes is a:
A) perfectly competitive industry.
B) monopoly.
C) oligopoly.
D) monopolistically competitive industry.
Single Producer
Represents a monopoly scenario where only one entity is responsible for the production and sale of a particular good or service.
- Obtain knowledge about the characteristics and influence of a monopoly on the market dynamics.
Verified Answer
ZK
Zybrea KnightJun 04, 2024
Final Answer :
B
Explanation :
A monopoly is an industry with a single producer that sells a product for which there are no close substitutes.
Learning Objectives
- Obtain knowledge about the characteristics and influence of a monopoly on the market dynamics.
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