Which of the Following Is a Characteristic of a Monopoly

question 43

Multiple Choice

Which of the following is a characteristic of a monopoly market?

• A)one firm is the only supplier of a product for which there are no close substitutes
• B)entry into the market is blocked
• C)the firm can influence market price
• D)all of the above

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Definitions:

Nondiscriminating Monopolist's Demand Curve

The demand curve faced by a monopolist who charges the same price to all customers, reflecting the total market demand for its product.

Average Revenue

Average revenue is the amount of turnover a company generates per unit of product sold, calculated by dividing total revenue by the number of units sold.

Pure Monopolist

A market structure in which a single seller controls the entire supply of a product or service, and there is no close substitute.

Marginal Revenue

is the additional revenue that a firm receives from selling one more unit of a good or service.