Which of the Following Is Not a Characteristic of a Monopoly

question 425

Multiple Choice

Which of the following is not a characteristic of a monopoly?

• A)the seller has market power
• B)one seller
• C)free entry and exit
• D)a product without close substitutes

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Definitions:

Organizational Members

Individuals who are part of a company or institution and contribute to its goals and culture.

Maximization

The choice of the decision alternative with the greatest expected value.

Satisficing

Establishing an adequate level of acceptability for a solution to a problem and then screening solutions until one that exceeds this level is found.

Bounded Rationality

A concept suggesting that when individuals make decisions, their rationality is limited by the information they have, the cognitive limitations of their minds, and the finite amount of time they have to make a decision.