question archive A firm can be the sole supplier of a good and still not be a monopoly if a
A firm can be the sole supplier of a good and still not be a monopoly if a
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A firm can be the sole supplier of a good and still not be a monopoly if
a. the firm in not large.
b. the good produced is not important to the economy.
c. the firm is not making excessive profits.
d. there are very close substitutes for the good.
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The correct option is d.
A firm can be the sole supplier of a good and still not be a monopoly if there are very close substitutes for the good. Consumers can buy the substitutes available at a cheaper rate than monopoly products.
