A Monopoly Is Best Defined as

Multiple Choice

A monopoly is best defined as

A) a single seller of a product that has characteristics very similar to the products produced in other industries.
B) a single seller of a well-defined product for which there are no good substitutes operating in a market with high barriers to entry.
C) a market in which a small number of rival sellers produce the entire market output.
D) any firm operating in a contestable market.