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If a firm sells its output on a market that is characterized by a single seller and manybuyers of a homogeneous product for which there are no close substitutes and barriers to long-run resource mobility, then the firm is

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Question:

If a firm sells its output on a market that is characterized by a single seller and manybuyers of a homogeneous product for which there are no close substitutes and barriers to long-run resource mobility, then the firm is

A.

a monopolist

B.

an oligopolist

C.

a perfect competitor

D.

a monopolistic competitor

Answer» a. a monopolist

Note: The above multiple-choice question is for all general and Competitive Exams in India.