Suppose there is a village located far-away. There is only one well in the village and villagers are dependent on this well for fulfillment of their water requirements. This well is owned by an individual and villagers will have to purchase the water from him. In order to purchase the water, the customer will have to withdraw the water by themselves from the well.

Which market structure is referred to above?

Monopoly Monopolistic competition Oligopoly Perfect competition

Monopoly

Since there is only one well owner and all consumers of water are dependent on him, the above situation resembles that of monopoly market structure where there is only a single seller of the commodity in the entire market.