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 (B)</p> Signup and view all the answers

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