Asked by
Chelss & Donoo
on Nov 17, 2024
Verified
If a good or service has only one seller, then the seller is called a monopoly.
Monopoly
A market structure characterized by a single seller, selling a unique product in the market with restrictions on the entry of new firms.
- Understand the concept and implications of monopoly in the market.
Verified Answer
AW
Learning Objectives
- Understand the concept and implications of monopoly in the market.