AP Microeconomics

Answer - C - Monopoly is a situation within industry in which there is only truly one seller for a particular service or good.

Key Takeaway: Monopolies typically occur when it is relatively difficult for other businesses to enter the market for various reasons. Some of these reasons are: a key resource is owned by only one business, costs of production inhibit small businesses from partaking in creation of goods, or the fact that the intellectual property is only owned by one business. These reasons are known as barriers to entry.