Concept:A monopoly is a market structure with a single seller, a unique product, and high barriers to entry, where the seller acts as a price maker.
Explanation:Option A states that the seller is allowed to fix his own price. This is true for a monopoly because the monopoly firm controls the entire market supply.
Option C states that new entrants are restricted. This is also true, as monopolies have high barriers like patents, licenses, or huge capital requirements.
Option D states that there is only one seller of the commodity. This is the defining feature of a monopoly market.
Option B states that buyers and sellers are price takers. In a monopoly, the seller is a price maker, not a price taker. Buyers alone cannot influence the price, but the word "sellers" makes this statement false for a monopoly.
Being a price taker applies to firms under perfect competition, not to a monopolist.
Hence, option B is not a feature of a monopoly.
Answer:B. Buyers and sellers are price takers