Which of the following is a characteristic of monopoly?
A) The firm faces competition from a few other firms.
B) The firm produces a product that has many close substitutes.
C) There are barriers to enter the market.
D) The firm's demand curve is perfectly elastic.

Question

Quizplus · Accepted Answer

In a monopoly, there are significant barriers to entry that prevent other firms from entering the market, allowing the monopolist to maintain control over the market.

Which of the Following Is a Characteristic of Monopoly