Which one of the following is the most accurate description of a monopolist? Sma

Question

Which one of the following is the most accurate description of a monopolist? SmallCircle A firm that is very large relative to all its competitors within a narrow product class. SmallCircle A sole producer of a narrowly defined product class, such as brown. Grade A eggs produced in Eagle County. Colorado. SmallCircle A large, multinational firm that produces a single product in a narrow product class. SmallCircle A sole producer of a product for which good substitutes are lacking in a market with high barriers to entry.

Explanation / Answer

Monopolist is a sole producer of a product for which good substitutes are lacking in a market with high barriers to entry.

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