Author Question: Which of the following is a characteristic of a monopoly? A) Many similar firms compete in the ... (Read 70 times)

clippers! · **on:** Jul 6, 2018

Which of the following is a characteristic of a monopoly?

A) Many similar firms compete in the same market.
B) Each firm sells a small percentage of the total sold in the market.
C) The market is flooded with companies that sell essentially the same commodity-like product.
D) Companies that dominate the market can set the price by controlling the quantity produced.
E) Customers have many substitutes available and are therefore responsive to changes in price.

Question 2

________ refers to a market in which a single company dominates the market or has dominant pricing power.

A) Perfect competition
B) Monopoly
C) Duopoly
D) Oligopsony
E) Oligopoly