Economics · Market Structures
Which characteristic feature is common to both monopoly and monopolistic competition?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Presence of a single seller in the market
- 2Free entry and exit of firms in the long run
- 3Possession of price-making power (downward sloping demand curve)✓
- 4Product differentiation
Correct answer
Possession of price-making power (downward sloping demand curve)
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