What is a characteristic of monopoly markets?

Multiple sellers competing for market share.

Availability of substitute products.

Limited profit potential in the long run.

Low barriers to entry for potential competitors.

Which of the following is a characteristic of competitive markets?

Single seller dominating the market

What advantage do monopolies have over competitive markets in terms of pricing?

They can set prices independently.

They have perfect knowledge of market prices.

They face significant competition.

They cannot regulate their output.

Why do competitive markets tend to have lower prices compared to monopoly markets?

Due to brand loyalty among consumers

Because they can set prices independently

As a result of high levels of competition

Because they have perfect knowledge of prices

What characteristic prevents firms in a competitive market from building brand loyalty?

Abundance of buyers and sellers

What regulatory intervention aims to prevent monopolies from excessively controlling the market?

Setting a maximum market share limit

Allowing unlimited expansion opportunities

Encouraging mergers and acquisitions

Promoting price collusion among competitors

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