What would be a characteristic of a monopoly?

A characteristic of a monopoly is that there are no available substitutes for the good or service. In a monopoly, a single seller dominates the market and provides a unique product or service that has no close alternatives. This lack of substitutes gives the monopolist significant control over pricing and market conditions since consumers have no choice but to purchase from the monopolist if they want that particular good or service.

This characteristic is essential in distinguishing monopolistic markets from competitive markets, where multiple sellers and available substitutes lead to more price competition and consumer choice. In contrast, options such as multiple sellers or many buyers competing for the same product describe market structures that are not monopolies.