Sam's electric is the only supplier of electricity in the market and provides a good with no close substitutes. the market for electricity is an example of competition
monopoly

The correct answer is: "monopoly"

A monopoly is a market structure where a single firm serves the whole demand of a specific good or service. It does not face competitors, therefore, such firm has absolute market power to decide the price charged for its products. The market power it enjoys is even greater if there are no close substitutes to the good it sells.

So, the monopoly is able to charge a higher price than in a perfect competition scenario and will earn much larger profits.

b) the planets year length would be longer

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