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Which phrase would be most characteristic of pure monopoly? (i) close substitutes (ii) efficient advertiser (iii) price taker (iv) sole seller
Which phrase would be most characteristic of pure monopoly?
(i) close substitutes
(ii) efficient advertiser
(iii) price taker
(iv) sole seller
Expert Solution
The answer is (iv).
By definition, a monopoly has only one producer that sells to all consumers in a market. Thus, sole seller is a defining characteristic of monopoly.
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