Which of the Following Is a Characteristic of a Monopoly

question 149

Multiple Choice

Which of the following is a characteristic of a monopoly but not a characteristic of a competitive market?

• A) A monopoly contains many firms.
• B) A monopoly produces an efficient level of output.
• C) A monopoly may earn long-run economic profits.
• D) A monopoly has no market power.
• E) A monopoly is a price-taker.

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Definitions:

Taxable Income

The amount of an individual's or organization's income used to determine how much tax is owed, minus deductions and exemptions.

Federal Taxes

Taxes imposed by the federal government on income, property, and consumption to fund national programs and services.

Gross Income

The total earnings received before any deductions such as taxes, benefits, and expenses.

Taxable Income

The portion of an individual's or entity's income that is subject to taxation by governing authorities.