Which of the Following Is NOT a Characteristic of a Monopoly

question 62

Multiple Choice

Which of the following is NOT a characteristic of a monopoly?

• A)A great deal of political power
• B)No close substitute products
• C)The ability to make an economic profit in the long run
• D)Operating at the lowest point on the ATC curve

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Definitions:

Operating Expenses

Costs incurred through normal business operations, such as rent, utilities, and payroll, that are not directly tied to production.

Periodic Inventory System

A system where inventory levels and cost of goods sold are determined at the end of the accounting period, rather than continuously.

Double Entry Accounting

An accounting system that maintains the balance of the accounting equation (Assets = Liabilities + Equity) by recording each transaction twice, once as a debit and once as a credit.

Single Entry Accounting

A method of bookkeeping that records only one side of each financial transaction, typically sufficient for smaller, simpler businesses.