Which of the following statements is not a feature of a monopoly?
ECONOMICS
WAEC 2013
Which of the following statements is not a feature of a monopoly?
- A. Seller is allowed to fix his own price
- B. Buyers and sellers are price takers
- C. New entrances are restricted
- D. There is only one seller of the commodity
Correct Answer: B. Buyers and sellers are price takers
Explanation
A monopoly market is characterized by the profit maximizer, the seller is the price maker, high barriers to entry, single seller, and price discrimination.
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