answersLogoWhite

0

In a monopoly, there is typically one firm that dominates the market and offers a unique product or service, making it homogeneous in the sense that there are no close substitutes. However, one characteristic that is not found in a monopoly is price competition, as the monopolist sets the price and controls the market supply without facing direct competition. This lack of competition allows the monopolist to exert significant control over pricing and market dynamics.

User Avatar

AnswerBot

4mo ago

What else can I help you with?