Which of the Following Is a Characteristic of a Monopoly

question 43

Multiple Choice

Which of the following is a characteristic of a monopoly market?

• A)one firm is the only supplier of a product for which there are no close substitutes
• B)entry into the market is blocked
• C)the firm can influence market price
• D)all of the above

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Definitions:

Gamble

The act of risking something of value on the outcome of an event in the hope of gaining something of greater value.

Hypotheses Forming

The process of creating an educated guess or proposition that attempts to explain certain phenomena or relationships, which can be tested through research or experimentation.

Scene Identification

The cognitive process of recognizing and categorizing a visual environment or context in which an event takes place.

Functional Fixedness

A cognitive bias that limits a person to using an object only in the way it is traditionally used, hindering problem-solving abilities.