Which characteristic is NOT typical of a monopoly?
A) There is only one seller.
B) There are significant barriers to entry.
C) There is low demand for the product.
D) There are no close substitutes for the product.

Question

Quizplus · Accepted Answer

Monopolies typically face high demand for their product, which is part of what allows them to maintain their monopoly status. The lack of competition means they can set higher prices, assuming demand remains. Choices A, B, and D are typical characteristics of a monopoly.

Which Characteristic Is NOT Typical of a Monopoly