Which term refers to a market dominated by a single seller?

A market dominated by a single seller is referred to as a monopoly. In a monopolistic market, one company or entity has significant control over the pricing, production, and overall supply of a particular good or service, limiting competition. This can result in higher prices and reduced innovation, as there are no competitors to drive improvements or lower costs. Monopolies can arise due to various factors, including economies of scale, patents, or regulatory barriers that prevent other firms from entering the market.

The other terms refer to different market structures but do not capture the concept of a single seller. Oligopoly describes a market situation where a small number of firms control a significant portion of the market, while a cartel represents an agreement between competing firms to coordinate prices or production to maximize profits collectively. A duopoly is a specific case of an oligopoly, where only two sellers dominate the market. In contrast, a monopoly emphasizes the lack of any competitive sellers.