A legal monopoly is defined as a market where
A) only one lawyer operates.
B) a legal barrier to entry exists.
C) only one firm could earn a profit.
D) entry and exit are legal.

Name: A legal monopoly is defined as a market where A) only one lawyer operates. B) a legal barrier to entry exists. C) only one firm could earn a profit. D) entry and exit are legal.
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Question

Quizplus · Accepted Answer

A legal barrier to entry exists in a legal monopoly, which prevents other firms from entering the market.

A Legal Monopoly Is Defined as a Market Where