Which of the following are necessary characteristics of a monopoly? (i) The firm is the sole seller of its product.
(ii) The firm's product does not have close substitutes.
(iii) The firm generates a large economic profit.
(iv) The firm is located in a small geographic market.
A)(i) and (ii)
B)(i) and (iii)
C)(ii) and (iv)
D)(i), (ii), and (iii)

Question

Which of the following are necessary characteristics of a monopoly? (i)	The firm is the sole seller of its product.
(ii)	The firm's product does not have close substitutes.
(iii)	The firm generates a large economic profit.
(iv)	The firm is located in a small geographic market.
A)(i) and (ii)
B)(i) and (iii)
C)(ii) and (iv)
D)(i), (ii), and (iii)

Quizplus · Accepted Answer

The Answer is A

Which of the Following Are Necessary Characteristics of a Monopoly