Question

All of the following are characteristics of a monopoly EXCEPT:

A)There is only one seller in the market, and only one product being sold.
B)Barriers to entry are very high.
C)The seller is forced to lower prices and increase supply because of competition.
D)The seller has strict control over the price of the product.

Answer 1

I believe C is the answer! :)
Explanation: Monopolies are 1 business that basically controls everything. There is only let’s say 1 type of gas station, so that gas station is gonna rack up the prices because there is zero competition because they /bought/ all the competitors.
I am pretty sure C is the correct answer, I hope this helped!! “:)