Answer;
A monopoly
Explanation;
A Monopoly is a market structure with only one seller selling a product with no close substitutes. It is characterized by;
- Very difficult, if not impossible, for other firms to enter the market.
- If no close substitutes, the monopolistic firm doesn't need to advertise.
- Complete control over total supply.
- Firm produces a unique product for which there are no close substitutes.
- Price maker; that is, by changing supply it can set whatever price will maximize its profits.
- Major barriers to entry prevent other firms from entering the
market.
- A monopoly need not engage in non-price competition.