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:

Anions

are negatively charged ions, which are atoms or molecules that have gained one or more electrons.

Compound

A substance made up of atoms of two or more different elements joined by chemical bonds.

Atoms

The basic units of matter consisting of a nucleus surrounded by electrons, forming the building blocks of all substances.

Element

A pure chemical substance consisting of one type of atom, distinguished by its atomic number.