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Question

All of the following are characteristics of a monopoly except:


A
There is a single firm.
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B
The firm is a price taker.
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C
The firm produces a unique product.
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D
The existence of some advertising.
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Solution

The correct option is B The firm is a price taker.
In case of monopoly the finn and the industry are the same as there is only a single seller. Thus the firm itself is the price maker and not price taker.

Economics

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