An Essential Characteristic of a Monopoly Is

question 114

Multiple Choice

An essential characteristic of a monopoly is:

• A) the good must have no close substitutes.
• B) there can only be a few sellers in the market.
• C) only one buyer must exist.
• D) many buyers must exist.

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Definitions:

Equity

A branch of law that developed alongside common law in order to remedy situations where strict application of traditional legal principles would be unfair or unjust.

Court of Equity

A judicial body that resolves disputes based on fairness and equitable principles, rather than strictly adhering to the letter of the law.

Adequate Remedy

Refers to a form of legal relief or compensation that sufficiently addresses a harm or wrong done to a party.

International Court

A judicial body established by states to adjudicate legal disputes among nations, such as the International Court of Justice.