Monopoly and Market Structures

A market with a single buyer dominating the market

A market with a single supplier and many substitutes

A market with the absence of competition (correct)

A market with a few sellers dominating the market

Control of a market as the only supplier of a particular thing

A situation where there are many suppliers for a particular thing

Control of a market to purchase a good or service (correct)

Absence of competition in the market

High availability of substitute goods

Low monopoly price compared to seller's marginal cost

Lack of economic competition to produce the good or service (correct)

Presence of viable substitute goods

<p>The process by which a company gains the ability to raise prices or exclude competitors</p> Signup and view all the answers

<p>Lack of significant market power</p> Signup and view all the answers