Question

23) Which of these describes a characteristlc of a monopoly? (SSEMI36 DOK: 2)

A. few barrlers of entry
B. rarely affected by government regulatlons
C. strong control over prlce
D. face strong competitlon for customers

Answer 1

C. strong control over price

Step-by-step explanation:

A monopoly is a market structure with one seller serving many buyers. The products or services sold by a monopoly have no close substitutes forcing the customer to fully rely on them. Monopoly also arises when a firm commands a huge market share making it possible to control prices and supplies.

Characteristics of a monopoly include

1. Single firm in the market
2. Strong barriers to entry
3. No close substitutes to the products
4. The firm controls prices and supply chain
5. Firm is a profit maximizer