No!! They might be absolutely hopeless and wrong for the job! Why should a company have to take someone, without them proving they are right for the job?
It might give the person an extra good chance, as no competition, but at the end of the day, the company is more than likely to re-advertise than take on the someone just because they were the only applicant.
No. We have had many applicants for a new Head Teacher at my school but they haven't had anyone suitable. So the head teacher had to put off his retirement for another year and come back!!