Which of the following statements is not a feature of a monopoly?

Economics

WAEC 2013

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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Which of the following statements is not a feature of a monopoly?

Correct Answer: Option B

Explanation

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