Question
Which of the following is a characteristic of a monopoly?
Similar firms compete with each other to gain the most consumers.
Cost for entry is minimal.
The firm is a price maker.
Monopoly is not a market structure that is frequently observed in the real world.
Similar firms compete with each other to gain the most consumers.
Cost for entry is minimal.
The firm is a price maker.
Monopoly is not a market structure that is frequently observed in the real world.
Answers
GPT-4o mini
The characteristic of a monopoly from the options provided is:
**The firm is a price maker.**
In a monopoly, a single firm dominates the market and has the power to set prices, unlike in competitive markets where firms are price takers. The other options do not accurately describe a monopoly.
**The firm is a price maker.**
In a monopoly, a single firm dominates the market and has the power to set prices, unlike in competitive markets where firms are price takers. The other options do not accurately describe a monopoly.