Identify a distinguishing feature of monopoly.
A)There are no barriers to entry in a monopolized market.
B)A monopolist is a price taker.
C)There are no close substitutes for a monopolist's product.
D)There are many firms in a monopolized industry.
E)A monopolist faces a horizontal demand curve.

Question

Identify a distinguishing feature of monopoly.​
A)There are no barriers to entry in a monopolized market.
B)A monopolist is a price taker.
C)There are no close substitutes for a monopolist's product.
D)There are many firms in a monopolized industry.
E)A monopolist faces a horizontal demand curve.

Quizplus · Accepted Answer

The distinguishing feature of monopoly is that there are no close substitutes for a monopolist's product. In other words, the monopolist has a unique product or service that cannot be easily duplicated by competitors. This gives the monopolist the power to control prices and restrict output, resulting in higher profits.

Identify a Distinguishing Feature of Monopoly.​

Identify a Distinguishing Feature of Monopoly.