question archive A single supplier of a good or service for which there is no close substitute is referred to as a(n) _____
A single supplier of a good or service for which there is no close substitute is referred to as a(n) _____
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A single supplier of a good or service for which there is no close substitute is referred to as a(n) _____.
a. monopolistic competitor
b. strategic competitor
c. monopoly
d. oligopoly
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c. monopoly
It is because the monopoly firms have an exclusive right for producing one good. Due to this, the products offered by these types of firms have no availability of any goods that could be used in place of concerned goods.
