A monopoly has two key features, which are
A) barriers to entry and no close substitutes.
B) close substitutes and no barriers to entry.
C) franchises and barriers to entry.
D) barriers to entry and close substitutes.

Question

Quizplus · Accepted Answer

A monopoly is characterized by barriers to entry, which prevent other firms from entering the market, and the absence of close substitutes, making the monopolist the sole provider of a particular good or service.

A Monopoly Has Two Key Features, Which Are