Which of the Following Is a Characteristic of a Monopoly

question 334

Multiple Choice

Which of the following is a characteristic of a monopoly?

• A)rising average total costs
• B)one buyer
• C)rising fixed costs
• D)a product without close substitutes

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Definitions:

Small-business Consultants

Professionals offering expert advice to small businesses on various aspects, including management, marketing, and operational strategies to foster growth.

Overhead

Ongoing business expenses not directly attributed to creating a product or service, such as rent, utilities, and administrative costs.

Gray Market

Employs irregular but not necessarily illegal methods; generally, it legally circumvents authorized channels of distribution to sell goods at prices lower than those intended by the manufacturer.

Manufacturers

Businesses or individuals involved in the production of goods using labor, machines, and tools, turning raw materials into finished products.