Question

If there is only a single seller or supplier in a market, this is called __________.

A) competition

B) collusion

C) commander

D) monopoly

Answer 1

If there is business or a single person who is the only seller or supplier in a business market, this is called a monopoly. In the United States, monopolies are heavily regulated by the government. Smaller cities in the U.S tend to have monopolies than a larger city. The correct answer is D.