Respuesta :

Answer;

A monopoly

Explanation;

A Monopoly is a market structure with only one seller selling a product with no close substitutes. It is characterized by;

  • Very difficult, if not impossible, for other firms to enter the market.
  • If no close substitutes, the monopolistic firm doesn't need to advertise.
  • Complete control over total supply.
  • Firm produces a unique product for which there are no close substitutes.
  • Price maker; that is, by changing supply it can set whatever price will maximize its profits.
  • Major barriers to entry prevent other firms from entering the

market.

  • A monopoly need not engage in non-price competition.

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