Which of the following is a characteristic of a monopoly?

A monopoly is a market structure where a single company or entity controls the entire supply of a product or service. This means that there are no close substitutes available, making it difficult for other businesses to compete. One key characteristic of a monopoly is that it can set prices without worrying about competitors, because it is the only supplier in the market. For example, if a company is the only provider of a specific type of medication, it can decide how much to charge patients since there are no other options available. This lack of competition often leads to higher prices and less choice for consumers.