WAEC - Economics (2013 - No. 37)
Which of the following statements is not a feature of a monopoly?
Seller is allowed to fix his own price
Buyers and sellers are price takers
New entrances are restricted
There is only one seller of the commodity
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.