Monopoly can best be described as a market in which

Assessment: WAEC SSCE - Economics - 1996 (Objective) Subject: Economics

Question 1 Report

Monopoly can best be described as a market in which
Answer Details
Monopoly can be described as a market structure in which a single seller or producer sells a product that has no close substitutes. In a monopoly market, there are no other firms producing the same product or offering a similar substitute. The single producer or seller has complete control over the price and supply of the product in the market, with no competition to worry about. This can lead to higher prices for consumers and reduced efficiency in production.
Read lesson note on Market Structure (JAMB)
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