In which market form, a market or an industry is dominated by single seller ?

Options

A. Oligopoly
B. Monopoly
C. Duopoly
D. Monopolistic Competition

Answer

B

Explanation

Monopoly is a market structure characterized by a single seller, selling a unique product in the market. Simply, monopoly is a form of market where there is a single seller selling a particular commodity for which there are no close substitutes. A monopoly is distinguished from a monopsony, in which there is only one buyer of a product or service.