Which of the following are necessary characteristics of a monopoly?
(i) the firm is the sole seller of its product.
(ii) the firm's product does not have close substitutes.
(iii) the firm generates a large economic profit.
(iv) the firm is located in a small geographic market.

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Explanation:

A monopoly is a market structure with only one seller supplying a unique product to a large number of people. In a monopoly, the sole supplier faces no competition from other firms. The uniques product that the firm sell has no close substitutes. A monopoly control supplies to the market and determines the price of the product.

Entry barriers, such as colossal capital requirement cause the emergence of monopolies. Strategic geographical location and the availability of natural resources can result in natural monopolies. Technological advancements, patents and copyrights may also give rise to monopolies.

administrative jobs normally have someone answering phone calls and scheduling appointments, filing patient or customer information, making sure the front of the office looks nice to those who enter the building. administrative jobs can also include making sure the manager has everything they need for meetings, making delivers and much more. administrative jobs are important to most businesses as are customer service focused as they are often one of the first impressions a consumer sees of a business.

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