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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Definitions:

College-aged Women

Female individuals typically within the age range of 18 to 22 years who may be attending a college or university.

College-aged Men

This term refers to young men who are typically between the ages of 18 and 22, usually enrolled in higher education institutions.

Vitamins

Organic compounds that are essential in small amounts for the body to function and maintain health.

Minerals

Naturally occurring inorganic substances with a definite chemical composition and crystal structure, essential for various bodily functions.