Which market structure features a single seller dominating the market?

The market structure characterized by a single seller dominating the market is known as a monopoly. In a monopoly, one company or entity has significant control over the supply of a product or service, and there are typically no close substitutes available for consumers. This allows the monopolist to set prices and dictate terms in the market, leading to a lack of competition.

Monopolies can result from various factors such as exclusive control over a resource, a patent on a product, or significant barriers to entry that prevent other firms from entering the market. Because of this dominance, monopolies can impact pricing, availability, and innovation in the market, often leading to higher prices for consumers compared to more competitive market structures.

In contrast, perfect competition features many sellers with no single entity able to influence the market price, while monopolistic competition includes many sellers offering differentiated products. Oligopoly involves a few sellers that may have some degree of market power, but still face competition from each other. The distinct characteristic of a monopoly is the singular control a single seller has over the entire market.