In a monopoly market structure ________________.

there is a single buyer of the product for which there are no close substitutes

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there is a single seller of the product for which there are close substitutes

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there is a single seller of the product for which there are no close substitutes

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there are single buyer and seller of the product for homogeneous product

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Solution

The correct option is C there is a single seller of the product for which there are no close substitutes
Monopoly is the market structure where there is only a single seller who is the only owner of the firm. The products and price are decided as per his choice. The products also are not close substitutes for each other. Hence, in a monopoly market structure, there is a single seller of the product for which there are no close substitutes.

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In which of the market situations, there are a large number of buyers and sellers selling identical products in the market?

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