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Market Power and Monopoly

A is a struct...

Question

A ___ is a structure in which only one seller provides a good or service that has no close substitutes.

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Solution

A monopoly is defined as a structure in which only one seller provides a good or service that has no close substitutes. This is different from perfect competition which we have seen earlier.

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Similar questions

Q. Write a word or phrase or a term which can substitute each one of the following statements.

1. Human activities conducted for earning money.
2. A type of trade that sales the goods directly to ultimate consumer.
3. Trade that take place between the traders of two different countries.
4. An aspect of business which is concerned with the production of goods.
5. Various services which facilitate smooth flow of goods and services from seller to buyer.
6. The type of industries that provides services.
7. The type of industries that creates immovable wealth.
8. Monetary returns earned by a professional for rendering expert services.
9. An aspect of business which is concerned with the distribution of goods.
10. A type of industry which takes out the wealth from the earth.

Q. refers to the positive effect that an addiitonal user of a good or service has on existing or potential users.

Q. Write a word or a phrase or a term which can substitute each one of the following.

The type of commercial organization established for providing services to its members.

Q. The _________ is a document that a seller passes to a buyer at the time of a specific purchase of goods or services. It is the equivalent of an invoice and is only used to record transactions that are paid for using cash, rather than bank transactions.

Q. A seller is termed unpaid seller only when the price has not been paid or tendered.

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