Which of the following is characteristic of a monopoly?

A) The absence of political power
B) Close substitute products
C) The ability to make an economic profit in the long run
D) Operating at peak efficiency

Political Power

The ability to influence or outright control the behavior of people and institutions, often within a governmental context.

Economic Profit

The profit a company makes after accounting for both its explicit and implicit costs, differing from accounting profit by considering opportunity costs.