A monopoly is characterized by having **one supplier**. This means that in a monopoly market, a single firm or entity is the sole provider of a good or service. This lack of competition allows the monopolist to have significant control over the price and supply of the product, resulting in market power that can lead to higher prices for consumers than would be found in more competitive markets.

1. **No Barriers to Entry**: This refers to a market structure where new firms can easily enter and compete. In monopolies, there are typically significant barriers to entry, preventing other firms from entering the market.

2. **Many Substitutes**: In a monopoly, substitutes are limited. If there were many substitutes, the market would be more competitive, indicating that it is not a monopoly.

3. **Many Suppliers**: A characteristic of monopolies is having a single supplier. Multiple suppliers indicate competition.

In summary, the defining characteristic of a monopoly is the existence of **one supplier**. Thus, the correct answer is **d. one supplier**.

Question

A monopoly is characterized by having **one supplier**. This means that in a monopoly market, a single firm or entity is the sole provider of a good or service. This lack of competition allows the monopolist to have significant control over the price and supply of the product, resulting in market power that can lead to higher prices for consumers than would be found in more competitive markets.

1. **No Barriers to Entry**: This refers to a market structure where new firms can easily enter and compete. In monopolies, there are typically significant barriers to entry, preventing other firms from entering the market.

2. **Many Substitutes**: In a monopoly, substitutes are limited. If there were many substitutes, the market would be more competitive, indicating that it is not a monopoly.

3. **Many Suppliers**: A characteristic of monopolies is having a single supplier. Multiple suppliers indicate competition.

In summary, the defining characteristic of a monopoly is the existence of **one supplier**. Thus, the correct answer is **d. one supplier**.

Knowee AI · Accepted Answer

A monopoly is characterized by having **one supplier**. This means that in a monopoly market, a single firm or entity is the sole provider of a good or service. This lack of competition allows the monopolist to have significant control over the price and supply of the product, resulting in market power that can lead to higher prices for consumers than would be found in more competitive markets.

1. **No Barriers to Entry**: This refers to a market structure where new firms can easily enter and compete. In monopolies, there are typically significant barriers to entry, preventing other firms from entering the market.

2. **Many Substitutes**: In a monopoly, substitutes are limited. If there were many substitutes, the market would be more competitive, indicating that it is not a monopoly.

3. **Many Suppliers**: A characteristic of monopolies is having a single supplier. Multiple suppliers indicate competition.

In summary, the defining characteristic of a monopoly is the existence of **one supplier**. Thus, the correct answer is **d. one supplier**.

A monopoly is a market that has _________________.a.no barriers to entryb.many substitutesc.many suppliersd.one supplier

Question

A monopoly is a market that has _________________.

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