In which market structure does one firm sell a good or service with no close substitutes and there is a barrier blocking the entry of new firms?

Question

Quizplus · Accepted Answer

A monopoly is defined as a market structure in which there is only one supplier of a product, and there are no close substitutes. Additionally, barriers to entry exist, which limit the ability of new firms to enter the market and compete with the existing monopoly.

In Which Market Structure Does One Firm Sell a Good