A pure monopoly firm exists when there is _________.

just one seller and the product has no substitute

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just one seller

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no close substitutes

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remote substitutes

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Solution

The correct option is B just one seller and the product has no substitute
Monopoly is a situation where there is a single seller who can control the output as well as set prices. There is no competition in this type of business. A monopoly is said to be pure when there is only a single seller and the product has no substitute.

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Similar questions

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

Which of the following is not a feature of monopoly ?

(a) Single seller

(b) No freedom of entry

(d) None of the above

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