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:

Confidence Interval

An extent of values, based on sample statistics, that is likely to capture the essence of an undisclosed population parameter.

Sample

Subset or portion of a population.

Mean

The average value of a data set, obtained by dividing the sum of all the values by the number of values.

Confidence Interval

A span of numerical values, calculated from statistics of a sample, that is expected to encompass the value of a not yet known population parameter with a certain degree of confidence.