How can a firm change its industry structure from monopolistically competitive or oligopolistic to a near monopoly?
A) By reducing the entry barriers in its industry
B) By developing proprietary technology
C) By implementing frequent price-cuts
D) By decreasing its pricing power

Question

Quizplus · Accepted Answer

Near monopolies are firms that have accrued significant market power, for example, by owning valuable patents or proprietary technology. In the process, they are changing the industry structure in their favor, generally from monopolistic competition or oligopolies to near monopolies.

How Can a Firm Change Its Industry Structure from Monopolistically