QUESTION IMAGE
Question
rsonal finance and economics
conomic decision-making and microeconomics
a monopoly is a market that has
a single supplier of a good or service.
many sellers of the same item.
few competing businesses.
many sellers of a variety of products.
A monopoly is defined as a market structure where there is only one provider of a specific good or service, with no close substitutes. The other options describe different market structures: many sellers of the same item is perfect competition, few competing businesses is oligopoly, and many sellers of varied products is monopolistic competition.
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a single supplier of a good or service.