Which of the following is a characteristic of a monopoly?
A)rising average total costs
B)one buyer
C)rising fixed costs
D)a product without close substitutes

Question

Quizplus · Accepted Answer

A monopoly is characterized by the absence of close substitutes for its product, meaning that consumers have no other options for purchasing a similar good or service. This lack of competition results in the monopolist having significant market power and the ability to control prices. Rising average total costs, one buyer, and rising fixed costs are not necessarily characteristics specific to monopolies.

Which of the Following Is a Characteristic of a Monopoly