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Question
The market structure which is characterised by a single producer of a commodity and when there are not close substitutes for that commodity:
Options
Monopoly market
Perfectly competitive market
Monopolistically competitive market
Monopsony market
Solution
Monopoly market
Explanation:
In a monopoly market, there is only one producer of a commodity and no close substitutes. A monopoly occurs when a single corporation controls the market and has vast control over the product's pricing and supply.
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