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    Question

    Which of following is false regarding

    Monopoly? 
    A Firm is a price taker Correct Answer Incorrect Answer
    B Unique product Correct Answer Incorrect Answer
    C Single Seller Correct Answer Incorrect Answer
    D None of above Correct Answer Incorrect Answer

    Solution

    A monopoly market structure has the following characteristics: • Single seller → True • Unique product with no close substitutes → True • The firm is a price maker, not a price taker → False statement A price taker exists in perfect competition, not monopoly.

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