Question

Question help what is the definition of​ monopoly?

a. a monopoly is a firm that is created and regulated by the government.
b. a monopoly is a firm that earns large economic profits.
c. a monopoly is a firm that is the only seller of a product in a given industry.
d. a monopoly is a firm that is the only seller of a product that can ignore the average total costthe average total cost of production.
e. all of the above.

Answer 1

Monopoly is a seller that is selling a unique product in the market and in a monopoly market, the seller faces no competition.
A firm that is a monopoly can ignore the actions of other firms. From the given option the following best describes monopoly:
C: A monopoly is a firm that is the only seller of a product in a given industry.