Which of the following statements satisfies the conditions for a market to be classified as monopoly?
A monopoly is a market with a single firm that

Question

Which of the following statements satisfies the conditions for a market to be classified as monopoly? 
 A monopoly is a market with a single firm that

Accepted Answer

produces a good or service for which no close substitute exists, and which is protected by a barrier that prevents other firms from selling that good or service.

Answer

produces a good or service for which no close substitute exists and that sells all its output to one buyer because there is barrier preventing other buyers from purchasing the good or service.

Answer

produces its good or service using labour from a single source, which is usually a union.

Answer

cannot control the price it sets for its good or service because a barrier prevents the firm from changing the price.

Answer

purchases its factors of production from only one supplier because of a barrier preventing it from buying from other suppliers.

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Which of the following statements satisfies the conditions for a market to be cl...

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