Question

A market condition characterised by single producer of a product having no close substitute is called _________.

• A. monopoly
• B. pure competition
• C. perfect competition
• D. monopolistic competition

Answer 1

The correct option is A monopoly

A monopoly is a situation where there is only a single seller who has a sole control over the firm. The products are also not close substitutes for each other. Hence, a market condition characterized by a single producer of a product having no close substitute is called the monopoly.