Which of the following is NOT a characteristic of monopoly market structures?

Question

Quizplus · Accepted Answer

Monopoly market structures have high barriers to entry, which prevent new firms from entering the market and competing with the established firm. This lack of competition allows the monopolist to have considerable market power, and there is usually no close substitute for the product available. While it is true that a single firm produces the entire market output in a monopoly and that the ease of finding substitutes can impact the firm's market power, the option stating there are no barriers to entry is incorrect.

Which of the Following Is NOT a Characteristic of Monopoly