Characteristics of a Monopoly Include Which of the Following

question 35

Multiple Choice

Characteristics of a monopoly include which of the following?
(i) it is the sole seller of its product
(ii) its product does not have close substitutes
(iii) it generates large economic profits
(iv) it is located in a small geographic market

• A)(i), (iii), and (iv)
• B)both (i) and (iii)
• C)both (i) and (ii)
• D)(i), (ii), (iii) and (iv)

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Definitions:

Hierarchy Of Effects

A model describing the stages a consumer goes through, from awareness to knowledge, liking, preference, conviction, and finally purchase.

Need Recognition

The first stage in the consumer buying process, where a potential buyer realizes a difference between their current state and a desired state.

Evaluation

The systematic assessment of the performance, value, or importance of something.

Marketer-Controlled Sources

Marketer-controlled sources refer to the channels and content fully controlled by the marketer, such as company websites, press releases, and branded advertising materials, used to communicate with the audience.