passwella.
Menu

JAMB Economics 1979 Question 32

Question 32

Market Structures

Pure monopoly describes a market where

  1. A.there are many sellers and a few buyers
  2. B.goods are sold at different prices
  3. C.entry is not blocked, but no one cares to enter
  4. D.a few sellers and one buyer exist
  5. E.none of the above.
Show the answer and explanation

Answer: E (none of the above.)

Explanation

A pure monopoly has a single seller of a product with no close substitutes and entry blocked; none of A to D says this.