The features of a monopoly are ______.

there is a single producer of a particular commodity

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no other commodity works as a substitute for a commodity

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there are restrictions to prevent any other firm from entering the market and to start selling the commodity

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all of the above

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Solution

The correct option is A all of the above
A monopoly market structure requires that there is a single producer of a particular commodity; no other commodity works as a substitute for this commodity; and for this situation to persist over time, sufficient restrictions are required to be in place to prevent any other firm from entering the market and to start selling the commodity.

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