Asked by Megan kibby on Jun 01, 2024

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​All these are characteristics of a monopoly except,

A) ​There is one seller of the product
B) Has few substitutes
C) Controls a large share of the market
D) ​Controls a small share of the market

Controls Small Share

The act of managing or influencing a minor portion of the market or resources.

One Seller

Indicates a market structure known as a monopoly, where a single company or entity controls the entire supply of a product or service, facing no competition.

Few Substitutes

Describes a market condition where there are limited alternative products or services, often leading to higher prices and less competition.

  • Understand characteristics and defining features of monopolies.
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ZK
Zybrea KnightJun 03, 2024
Final Answer :
D
Explanation :
A monopoly is characterized by having only one seller of the product, having few substitutes, and controlling a large share of the market. Therefore, option D is not a characteristic of a monopoly, as it contradicts the definition of a monopoly. A monopoly controlling a small share of the market could lead to new firms entering the market, and thus, the market becoming more competitive.