To maintain profits in the long run,a monopoly must be protected by barriers to the entry of other firms into the industry.

Question

Quizplus · Accepted Answer

Without barriers to entry, other firms could quickly enter the market and compete with the monopoly, eroding its profits. Therefore, monopolies usually rely on factors such as patents, economies of scale, or government regulations to prevent new competitors from entering the market.

To Maintain Profits in the Long Run,a Monopoly Must Be