which of the following is a characteristics of monopoly

Assessment: WAEC SSCE - Economics - 2007 (Objective) Subject: Economics

Question 1 Report

which of the following is a characteristics of monopoly
Answer Details
The characteristic of monopoly is "a single seller." A monopoly is a market structure where only one company or entity controls the supply of a particular good or service. Since there is no competition, the monopolist has the power to set prices and control the market. This is different from a market with many sellers, known as a perfect competition, where no single company has the power to influence prices or control the market.
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