Question

• A monopoly is a  A. single seller of a product that has no close substitutes.
•  B. single buyer of raw materials.
•  C. small group of producers with similar products.
•  D. large number of producers each with a small share of the total market output.

Answer 1

A monopoly is a single seller of a product that has no close substitutes.

So “A” is the correct option for this.