Which of the following is not a characteristic of a monopoly?
A)There are only a few sellers each selling a unique product.
B)Entry barriers are high.
C)There are no close substitutes to the firm's product.
D)The firm has market power.

Question

Quizplus · Accepted Answer

A monopoly is characterized by a single seller in the market, and not a few sellers as mentioned in option A. The other options are characteristics of a monopoly, which include high entry barriers, no close substitutes, and market power.

Which of the Following Is Not a Characteristic of a Monopoly