Q8Managerial Economics & Financial Accounting
Question
2 marks
List four important features of Monopoly market. (0.5 \times 4 = 2)
Answer
Monopoly features include a single seller, no close substitutes, barriers to entry, and price maker status.
Features of Monopoly: 1. Single seller in the market. 2. No close substitutes for the product. 3. High barriers to entry for new firms. 4. The firm is a price maker.