question archive Monopoly producers are faced with a
Monopoly producers are faced with a
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Monopoly producers are faced with
a. many competitors producing the same product.
b. only a few competitors producing the same product.
c. at least one competitive producer of the same product.
d. no competitive producers of the same product.
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The correct option is: d. no competitive producers of the same product.
Explanation:
The monopoly market is defined as a place where only one producer trades a uncommon product in the marketplace with no substitute products. The seller in the monopoly is price maker, no price taker. They have the freedom to decide the worth of the product according to them.
