Which of the following is not a characteristic of a monopoly? a. a product without close substitutes b. the seller has market power c. one seller d. free entry and exit

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22-07-2019
Business

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Which of the following is not a characteristic of a monopoly? a. a product without close substitutes b. the seller has market power c. one seller d. free entry and exit

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Answer:

The correct option is d free entry and exit which is not a characteristic of a monopoly.

Explanation:

Monopoly is a market structure which sells a unique product with no close substitutes. Due to which it create a market power in the market.

In monopoly, there is only a single seller in which a competition is not exist. But there is a barrier in a free entry and exit so that the chances of competition is not there.

Example - Apple inc, windows, etc.

So, by above explanation.

The correct option is d free entry and exit which is not a characteristic of a monopoly.