question archive One characteristic of a monopoly market is that the product is virtually identical to products produced by competing firms
One characteristic of a monopoly market is that the product is virtually identical to products produced by competing firms
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One characteristic of a monopoly market is that the product is virtually identical to products produced by competing firms.
a. True
b. False
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Answer: False
The characteristic of homogeneous goods is one of a perfectly competitive market not a monopoly. In a monopoly there is one seller who has complete control over the supply of the market and there are no competitors at all. The answer thus false.
