Question: The allocatively efficient quantity of widgets for the whole market is 10 million units. At that quantity, the demand for widgets is at $10. However,

The allocatively efficient quantity of widgets for the whole market is 10 million units. At that quantity, the demand for widgets is at $10. However, the single supplier of widgets is producing 5 million units and charging $20 per widget. Based on this data, the market for widgets is

a monopoly

an oligopoly

productively efficient

operating at minimum efficient scale

experiencing economic losses

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