Which type of barrier to entry allowed BHP to maintain a monopoly in the Australian steel industry for many years?

Name: Which type of barrier to entry allowed BHP to maintain a monopoly in the Australian steel industry for many years?
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Question

Quizplus · Accepted Answer

BHP maintained a monopoly in the Australian steel industry due to its ownership of a scarce factor of production, specifically access to essential raw materials like iron ore and coal, which are critical for steel production.

Which Type of Barrier to Entry Allowed BHP to Maintain