Which of the Following Is a Characteristic of a Monopoly

question 202

Multiple Choice

Which of the following is a characteristic of a monopoly?

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

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Definitions:

Value

The importance, worth, or usefulness of something, often in economic terms as perceived by the consumer.

Production

The process of creating goods and services through the combination of labor, capital, and resources.

Division of Labor

The allocation of different tasks to different people or groups in an effort to improve efficiency.

Exchange Rate

The value of one currency for the purpose of conversion to another, determining how much of one currency can be exchanged for another currency.