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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
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Correct Answer: Option B
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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