Monopoly can best be described as a market in which?

A. A single seller sells a product which has no close substitute
B. Few sellers sell a product s at different prices
C. The entry of other firms is restricted by the few firms in the market
D. Two or more sellers sell a product which is differentiated
E. a single buyer buys a product which has no close substitutes

Correct Answer:

Option A – A single seller sells a product which has no close substitute