Which of the following does not describe a monopoly market? Select one: O a. Profit maximizing output is chosen, where marginal revenue equals marginal cost O b. A single seller and price maker O c. Price is higher than marginal cost or marginal revenue O d. No barriers to entry and/or exit Australian Institute of Business & Management trading as King's Own Institute

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Monopoly Market

When a company and its products dominate a sector or an industry, it is termed a monopoly. When a firm and its products control a market, then it is called a monopoly.