McqMate
| Q. |
Monopoly means - |
| A. | single buyer |
| B. | many sellers |
| C. | single seller |
| D. | many buyers |
| Answer» C. single seller | |
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Explanation: A Monopoly exists when a specific person or enterprise is the only supplier of a particular commodity, This contrasts with a monopsony which relates to a single entity's control of a market to purchase a good or service, and with oligopoly which consists of a few entities dominating an industry. Monopolies are thus characterized by a lack of economic competition to produce the good or service and a lack of viable substitute goods |
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