Characteristics of a Monopoly Include Which of the Following

question 35

Multiple Choice

Characteristics of a monopoly include which of the following?
(i) it is the sole seller of its product
(ii) its product does not have close substitutes
(iii) it generates large economic profits
(iv) it is located in a small geographic market

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

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Definitions:

Joint Manufacturing Process

A production process where two or more products are produced simultaneously from the same raw materials or inputs.

Multiple Outputs

Multiple outputs refer to the various products or services that result from a single production process or system.

Net Realizable Value

Net realizable value is the estimated selling price of goods, minus the costs of their sale or disposal, used in inventory valuation and accounts receivable.

Split-Off Point

The stage in a production process where multiple products become individually identifiable and their costs can be separately assigned.