Which of the following is a necessary characteristic of a monopoly?
A)The firm is the sole seller of its product.
B)The firm's product has many close substitutes.
C)The firm generates a large economic profit.
D)The firm is located in a small geographic market.

Question

Quizplus · Accepted Answer

A monopoly is defined by the presence of a single firm that is the sole seller of its product in the market, which distinguishes it from other market structures where multiple firms may compete.

Which of the Following Is a Necessary Characteristic of a Monopoly