Answer:
B
Explanation:
Monopoly operates in instances where a firm produces products that do not have close substitutes. Therefore, the firm can control the price, supply and market penetration.
A product without close substitutes is one of the characteristics of a monopoly.
A market that is characterized by a single seller selling a one-of-its-kind product in the market. In a monopoly market, sellers do not face competition. They can charge higher prices and make more profits than in competitive markets. They benefit from economies of scale and can reduce average costs by increasing their size. This is important for industries with high fixed costs and opportunities for specialization.
The main features of the monopoly are a single company that sells all production in one market, unique products, restrictions on access to the industry, and expertise in production technology that is not available to other potential producers
the correct answer is option B.
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