A characteristic of monopoly that is not present in any other market structure is that
A)no firm in the market has a high level of market power.
B)each firm strives to differentiate its product from others in the market.
C)there is only one seller.
D)the product is identical across the many firms selling in the market.

Question

Quizplus · Accepted Answer

Monopoly is characterized by the presence of only one seller in the market, which means that there is no competition. This leads to the firm having a high degree of market power, which allows it to set the price and quantity of output it produces. This is not present in any other market structure, where there are multiple firms competing with each other.

A Characteristic of Monopoly That Is Not Present in Any