Which of the following statements concerning monopoly is TRUE?
A) Monopoly firms are always larger than perfectly competitive firms.
B) A monopoly has no rivals.
C) Barriers to entry do not prevent other firms from entering a monopolized industry.
D) Monopolists produce more output than a competitive market with the same demand and cost structure.

Question

Quizplus · Accepted Answer

A monopoly is characterized by the absence of rivals, as it is the sole provider of a particular product or service in the market.

Which of the Following Statements Concerning Monopoly Is TRUE