Which of the Following Is an Essential Characteristic of a Monopoly

question 74

Multiple Choice

Which of the following is an essential characteristic of a monopoly?

• A)The good must have no close substitutes.
• B)There can only be a few sellers in the market.
• C)Only one buyer can exist.
• D)Many buyers must exist.

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Definitions:

Relationship Management

Strategies and practices for managing an organization’s interactions with customers, clients, and sales prospects.

Short-term Interactions

Brief or temporary exchanges or relationships between individuals or entities, often with specific and limited objectives.

Consumer Orientation

A business approach that prioritizes identifying and meeting the needs and wants of consumers.

Creates a Product

The process of designing, manufacturing, or crafting goods or services to be offered for sale or use.