In business terms, what is the term for a market with a single supplier?

• A. Monotheism
• B. Monarchy
• C. Migration
• D. Monopoly

Answer: (D)

A market structure with a single supplier is called a monopoly. In a monopoly, one company provides all or most of the supply for a good or service in a market, giving it substantial power over price and availability. This is different from terms that describe religion, government, or movement of people: monotheism is belief in one god, monarchy is rule by a king or queen, and migration is the movement of people from one place to another. Because there is no competition and often high barriers to entry, the single supplier can influence prices and terms of access, which is why monopoly is the best fit for describing a market with only one supplier.