Which of the following is NOT a characteristic of a monopoly?

A) A great deal of political power
B) No close substitute products
C) The ability to make an economic profit in the long run
D) Operating at the lowest point on the ATC curve

Political Power

The capacity or ability of a political entity or individual to influence the behavior of others, particularly in the governance context.

Substitute Products

Goods or services that can be used in place of each other, offering a choice to consumers.

ATC Curve

Short for "Average Total Cost Curve," it represents the average total cost per unit of output produced, showing how cost varies with changes in output levels.