Asked by
SENZO MDAKA
on Nov 16, 2024
Verified
Which of the following is a necessary characteristic of a monopoly?
A) The firm is the sole seller of its product.
B) The firm's product has many close substitutes.
C) The firm generates a large economic profit.
D) The firm is located in a small geographic market.
Sole Seller
A term indicating a monopoly situation where there is only one seller in the market.
- Comprehend the features defining a monopoly market structure.
Verified Answer
CE
Learning Objectives
- Comprehend the features defining a monopoly market structure.