Which of the following is a characteristic of a monopoly? - ProProfs Discuss
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Which of the following is a characteristic of a monopoly?

Which of the following is a characteristic of a monopoly?

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A. The product is not unique
B. There is only one seller in the market
C. It is easy for new firms to enter the market
D. The firm has no control over price

This question is part of ECON 122 exam 3
Asked by Tclea, Last updated: Aug 04, 2020

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2 Answers

l.Steven

L.Steven

Answered Jan 07, 2018

There are different types of markets and sellers out there. A monopoly has a single seller. He sells good and has no alternatives. Moreover, other firms are not allowed into the selling system either to continue the monopoly, at least not easily. These monopolies are created simply because of certain legal barriers put into place to provide stability.

It also has a unique product and there are strict restrictions on the exit and entry into the selling industry. In addition, to maintain privacy, the specialized information is confidential and cannot be leaked to other competitive firms or businesses, selling the same product.

 

John Smith

John Smith

Answered Jan 09, 2017

There is only one seller in the market
 

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