A Monopoly Is Characterized by All of the Following Except

question 154

Multiple Choice

A monopoly is characterized by all of the following except

• A)there are only a few sellers, each selling a unique product.
• B)entry barriers are high.
• C)there are no close substitutes to the firm's product.
• D)the firm has market power.

---

Definitions:

Packaged Software

Pre-written, standardized software solutions sold on a mass market basis to meet the general needs of users, as opposed to customized software designed for specific clients.

Web Services

Software systems designed to support interoperable machine-to-machine interaction over a network, often provided as a way for different applications to communicate with each other using web-based protocols.

Functionality

The specific operations or features that a software or hardware is designed to perform or offer.

Peer-To-Peer

A decentralized communications model in which each party has the same capabilities and either party can initiate a communication session.