Which of the following is a characteristic of a monopoly market?
A) many firms
B) one firm
C) easy entry
D) firm is a price taker

Question

Quizplus · Accepted Answer

A monopoly market is characterized by a single firm, which is the only supplier of a particular good or service. This firm has control over the market and can set prices as it sees fit, without worrying about competition from other firms. The lack of competition means that there are no close substitutes for the good or service, and consumers have little choice but to purchase it from the monopolist.

Which of the Following Is a Characteristic of a Monopoly