Which of the Following Is NOT a Characteristic of a Monopoly

question 43

Multiple Choice

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

• A) A single firm
• B) No close substitutes for the product produced
• C) Easy entry and exit
• D) Barriers to entry

Recognize the role of government intervention in correcting market failures due to externalities.

Distinguish between positive and negative externalities and their effects on social welfare.

Comprehend the purpose and impact of the patent system on technological advancements.

Understand the mechanisms of internalizing externalities to correct market outcomes.

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Definitions:

Early Maturation

Early maturation refers to the onset of puberty or the progression through developmental milestones at an earlier age than the typical range for one’s peer group, which can impact psychological and social adjustment.

Socially Approved Activities

Actions or behaviors that are accepted and valued by a society or community.

Sexual Orientation

A preference for partners of one’s own sex (homosexuality), the opposite sex (heterosexuality), or both (bisexuality).

Prenatal Hormones

Hormones present in the womb that play significant roles in the development and differentiation of the fetus.