Ask Question
26 August, 21:31

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.

+3
Answers (1)
  1. 27 August, 00:52
    0
    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".
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Which statement describes a monopoly? Many firms produce identical products with no control over the market price. Many firms produce ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers