Which of the following is a characteristic of pure monopoly?
A) close substitute products
B) barriers to entry
C) the absence of market power
D) "price taking"

Question

Quizplus · Accepted Answer

Barriers to entry are a characteristic of pure monopoly, as they prevent new firms from entering the market and competing. A pure monopoly has no close substitutes, and has market power to set prices rather than being a "price taker".

Which of the Following Is a Characteristic of Pure Monopoly