ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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variety of goods and services
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competitive pricing
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quality goods and services
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monopoly of business
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Detailed explanation-1: -The four key characteristics of monopoly are: (1) a single firm selling all output in a market, (2) a unique product, (3) restrictions on entry into and exit out of the industry, and more often than not (4) specialized information about production techniques unavailable to other potential producers.
Detailed explanation-2: -First, there is only one firm operating in the market. Second, there are high barriers to entry. These barriers are so high that they prevent any other firm from entering the market. Third, there are no close substitutes for the good the monopoly firm produces.
Detailed explanation-3: -In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute.
Detailed explanation-4: -Product differentiation Was this answer helpful?