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Which of the following is a characteristic of a monopoly?

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Question: Which of the following is a characteristic of a monopoly?

Options:

  1. Many sellers
  2. No close substitutes
  3. Price taker
  4. Perfect information

Correct Answer: No close substitutes

Solution: 

A monopoly is characterized by a single seller in the market with no close substitutes for the product.

Which of the following is a characteristic of a monopoly?

Practice Questions

Q1
Which of the following is a characteristic of a monopoly?
  1. Many sellers
  2. No close substitutes
  3. Price taker
  4. Perfect information

Questions & Step-by-Step Solutions

Which of the following is a characteristic of a monopoly?
No concepts available.
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