why is there no competition in a monopoly? a there are no close substitutes. b there are too many…
why is there no competition in a monopoly? a there are no close substitutes. b there are too many substitutes. c prices are set by the government. d the government forbids competition.
Answer
Brief Explanations:
In a monopoly, a single - firm controls the market. Since there are no close substitutes for the product or service it offers, there is no competition. Other options are incorrect as too many substitutes would imply competition, prices are set by the monopolist (not the government in most cases of pure monopoly), and it's not about government forbidding competition in the core concept of monopoly.
Answer:
A. There are no close substitutes.