a.) Pure monopoly Monopoly is a market situation in which there is only one seller of a product with barriers to entry of others. The product has no close substitutes. He is a price maker who can set the price to his maximum advantage. This may occur because the firm has a patent on a product or a license from the government to be a monopoly .Pure monopoly occurs when the producer is so powerful that he is always able to take the whole of all consumers

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1 Option C Close substitutes are available to the buyers of the monopolist This is ... View the full answer