One defining characteristic of pure monopoly is that
A)the monopolist is a price taker.
B)the monopolist uses advertising.
C)the monopolist produces a product with no close substitutes.
D)there is relatively easy entry into the industry, but exit is difficult.

Question

Quizplus · Accepted Answer

A pure monopoly is characterized by the production of a product for which there are no close substitutes, meaning the monopolist has significant control over the market and its pricing.

One Defining Characteristic of Pure Monopoly Is That