In which market form, a market or an industry is dominated by a single seller?
(A) Oligopoly
(B) Monopoly
(C) Duopoly
(D) Monopolistic Competition
Correct Answer : Monopoly
Question Asked : SSC CGL Tier-I (CBE) Exam 2017
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.
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