What market structure is characterized by a single seller and no competition?

The market structure characterized by a single seller and no competition is a monopoly. In a monopoly, one company or entity exclusively controls the supply of a product or service, which means it is the sole provider in the market. This lack of competition allows the monopolistic seller to set prices without considering competitors and often leads to market power that can be used to influence output levels and control the market.

Monopolies can arise due to various reasons, including legal barriers, control of essential resources, or technological advantages that prevent other firms from entering the market. This structure can lead to higher prices and less choice for consumers, as the monopolist does not face competition that drives innovation and improves service or product offerings.

Understanding monopolies is crucial in business management, as they play a significant role in economic theory and public policy debates regarding regulation and market fairness. It is important to recognize that while monopolies can provide benefits in terms of efficiencies and economies of scale, they also raise concerns about consumer welfare and market health.