Which of the following markets is characterized by the following: a single firm in the industry, a unique product, and difficult entry into the industry?
A)perfectly competitive market
B)monopolistic competition
C)monopoly
D)oligopoly

Question

Quizplus · Accepted Answer

A monopoly is characterized by a single firm in the industry, a unique product, and difficult entry into the industry. In a perfectly competitive market, there are many firms selling identical products, while in a monopolistic competition, there are many firms selling differentiated products. An oligopoly is characterized by a small number of firms dominating the market.

Which of the Following Markets Is Characterized by the Following