Which of the following is NOT a characteristic of a monopolistic market?
A) There is one seller in the market.
B) Excess profits can be earned over the long run.
C) Widespread product differentiation is found in the market.
D) An individual firm's demand curve is the market demand curve for the product.

Question

Quizplus · Accepted Answer

In a monopolistic market, there is typically little to no product differentiation because there is only one seller dominating the market. Widespread product differentiation is more characteristic of monopolistic competition, where many sellers offer slightly different products.

Which of the Following Is NOT a Characteristic of a Monopolistic