For a market to be characterized by monopoly, there must be

Question

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Monopoly is characterized by a single seller in the market who controls the supply and price of the product. A monopoly restricts competition and makes it difficult for new firms to enter the market. Therefore, option D is the correct choice. Option A describes a perfectly competitive market, option B describes a market with free entry and exit such as monopolistic competition, and option C describes a market with homogenous products such as perfect competition.

For a Market to Be Characterized by Monopoly, There Must