Which of the Following Are Necessary Characteristics of a Monopoly

question 514

Multiple Choice

Which of the following are necessary characteristics of a monopoly? (i)
The firm is the sole seller of its product.
(ii)
The firm's product does not have close substitutes.
(iii)
The firm generates a large economic profit.
(iv)
The firm is located in a small geographic market.

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

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Definitions:

Art Product

A creation resulting from artistic activities, such as paintings, sculptures, or design pieces, intended for aesthetic appreciation or cultural significance.

Cultural Formulas

Predefined, widely recognized patterns or themes in media and literature that are replicated because they resonate with cultural norms and values.

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A segment of technology adoption lifecycle that represents consumers who are skeptical and adopt new products or technologies after the average member of society.

Early Majority

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