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10 December, 15:32

Which statement describes a monopoly? Many firms produce identical products with no control over the market price. Many firms produce differentiated products with control over market price. A single firm produces a product with no close substitutes and control over the market price. A single firm produces a product with many close substitutes and limited control over the market price.

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  1. 10 December, 17:05
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    A single firm produces a product with no close substitutes and control over the market price.

    Explanation:

    Monopoly is the uncontested exploitation of a business or industry, by virtue of a privilege. It is the possession or the right in an exclusive character. To have the monopoly is to possess or to enjoy the exploitation in an abusive way, is to sell a product or service without competitor, by high prices. From the Greek monos, which means "one" and "polein" meaning "to sell".
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