WAEC Economics 2013 Objective — Question 41
Question 41 of 50 from the West African Examinations Council (WAEC) Economics 2013 Objective paper, with the correct answer and a full explanation.
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Which of the following statements is not a feature of a monopoly?
- A. Seller is allowed to fix his own price
- B. Buyers and sellers are price takersCorrect
- C. New entrances are restricted
- D. There is only one seller of the commodity
Explanation
A monopolist can set the price or determine the quantity supplied — monopolists are not price takers.
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