Which of the following is NOT considered a basic characteristic of monopoly?

a. Nash equilibrium achieves in the market.

b. There are barriers to entry into the market.

c. There are no close substitutes for the product.

d. There is only one firm in the industry.

The correct answer is A. Nash equilibrium entails having the lead producer in the market stick to the initial plan to achieve the set goals. In the market, winners are determined by the strategies they employ that stand out to be different. There has to be equity to bring out fairness in the market and achieve the desired results. In Nash equilibrium, the companies have to establish a constant price to play with in the market where if a particular producer lowers prices in an aim to get clients the other companies follow. Therefore, the companies operate on a common price to ensure fair competition.