question archive Which of the following is a characteristic of a monopoly market? a
Which of the following is a characteristic of a monopoly market? a
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Which of the following is a characteristic of a monopoly market?
a. one firm is the only supplier of a product for which there are no close substitutes
b. entry into the market is blocked
c. the firm can influence market price
d. all of the above
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The correct option is d. all of the above.
A monopoly is a market in which there is only a single firm. This firm either puts barriers around itself to prevent competition or these barriers come into existence without any anti-competitive measures from the incumbent firm. As the firm is the only in its market and consumers do not have any other option, the firm can charge a price that maximizes its profits.
