Multiple choice

Enumerate the chief/salient characteristics of a monopoly: (a) Lack of economic competition (b) Lack of viable substitute goods (c) Power to charge high prices (d) Involvement of big business

Which of the above statements is incorrect?

  1. Only (a)

  2. Only (b)

  3. Only (c)

  4. Only (d)
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Size is not a characteristic of monopoly. A small business may still have the power to raise prices in a small market.

Keep practicing — related questions