What type of competitive structure exists when a firm produces a product that has no close substitutes?
a) Monopoly
b) Oligopoly
c) Monopolistic competition
d) Pure competition
e) Mixed competition
Answer: a
What type of competitive structure exists when a firm produces a product that has no close substitutes?
a) Monopoly
b) Oligopoly
c) Monopolistic competition
d) Pure competition
e) Mixed competition
Answer: a