Which of the Following Are Necessary Characteristics of a Monopoly

question 514

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

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Definitions:

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