Monopolies need some type of barrier to entry to keep potential competitors away.

Question

Quizplus · Accepted Answer

Monopolies need a barrier to entry to prevent other competitors from entering the market and taking away their customers. This barrier can take different forms, such as legal protection, large capital requirements, or brand loyalty. Without a barrier, new entrants would be able to enter the market and compete against the monopoly, reducing its market share, and potentially leading to its downfall.

Monopolies Need Some Type of Barrier to Entry to Keep