Which of the following is a characteristic of a monopoly market?
A)A large number of buyers and sellers.
B)Mutual interdependence.
C)Free entry and exit.
D)A product with no close substitutes.

Question

Which of the following is a characteristic of a monopoly market?
A)​A large number of buyers and sellers.
B)​Mutual interdependence.
C)​Free entry and exit.
D)​A product with no close substitutes.

Quizplus · Accepted Answer

A characteristic of a monopoly market is that there is a product with no close substitutes, meaning there is no other product that consumers can easily switch to if they are dissatisfied with the monopolist's product. This gives the monopolist significant pricing power and control over the market.

Which of the Following Is a Characteristic of a Monopoly