A firm can gain monopoly power by

Question

Quizplus · Accepted Answer

All of the listed options can contribute to a firm gaining monopoly power. Creating a strong brand name can enhance a company's market power and customer loyalty. Raising the cost of entry for potential rivals can make it difficult for them to compete, effectively creating a barrier to entry. Aligning with or seeking government support can also help a company gain monopoly power. Finally, controlling unique resources, such as patents or proprietary technology, can make it difficult for others to enter the market or compete with the firm.

A Firm Can Gain Monopoly Power by