In a monopoly market structure, what characterizes the sellers?

In a monopoly market structure, the defining characteristic is that there is only one seller dominating the entire market. This seller is the sole provider of a particular good or service, meaning that consumers have no alternative suppliers to turn to. The presence of only one seller allows that seller to exert significant control over the market, including the ability to influence prices without competition.

In this context, numerous buyers are typically present, as the single seller serves the entire market. This power dynamic is central to monopolies; they can lead to higher prices and reduced output compared to more competitive market structures. This lack of competition can result in inefficiencies and can adversely affect consumer choice.

The other choices do not accurately reflect the structure of a monopoly. While multiple sellers competing against each other describes perfect competition, the existence of numerous buyers with a single seller captures the essence of a monopoly. The notion of equal numbers of buyers and sellers is indicative of a different market structure, and government intervention in pricing does not uniquely define a monopoly, though it can influence market behavior.