Question

A monopoly refers to:

a. A seller of a product for which there are no close substitutes.
b. A seller of a highly advertised product.
c. A seller in a market in which demand is exceptionally high.
d. A seller that is subsidized by the government

Answer 1

A monopoly refers to a seller of a product for which there are no close substitutes. It is a market structure where a single firm dominates the market and has exclusive control over the supply of a particular product or service.

Step-by-step explanation:

A monopoly refers to a seller of a product for which there are no close substitutes. It is a market structure where a single firm dominates the market and has exclusive control over the supply of a particular product or service. An example of a monopoly is Microsoft, which has been considered a monopoly because of its domination of the operating systems market.