Which of the Following Are Necessary Characteristics of a Monopoly

question 181

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

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