When is a market structure a monopoly?
A.
B.
C.
D.
when there are only few buyers in the market for a good or service
when there are only few companies in the market for a good or service
when there is only one company in the market for that good or service
when there are many companies in the market for that good or service

Question

jerryruiz2005 jerryruiz2005

03-05-2024
History

Answered

When is a market structure a monopoly?
A.
B.
C.
D.
when there are only few buyers in the market for a good or service
when there are only few companies in the market for a good or service
when there is only one company in the market for that good or service
when there are many companies in the market for that good or service

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-05-03T10:11:04-04:00

When a market structure is a monopoly: C. when there is only one company in the market for that good or service In a monopoly market structure, there is only one company that dominates the market and controls the supply of a good or service. This means that there is no direct competition for that specific product or service. As a result, the monopolistic company has significant control over pricing and can influence market dynamics without facing competition from other firms. Examples of monopolies include local utility companies that are the sole providers of essential services like electricity or water in a specific region. Another example is Microsoft's operating system Windows, which holds a dominant position in the market for PC operating systems.