All of the following are characteristics of a monopoly, except:
A monopoly is a market with a single seller of a product without close substitutes, protected by barriers to entry. A single buyer describes monopsony, not monopoly.
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All of the following are characteristics of a monopoly, except:
Answer and explanation
Correct answer D
A monopoly is a market with a single seller of a product without close substitutes, protected by barriers to entry. A single buyer describes monopsony, not monopoly.
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RPSC School Lecturer (School Education)