We define a monopoly as a market with
A) one supplier and no barriers to entry.
B) one supplier with barriers to entry.
C) many suppliers with no barriers to entry.
D) many suppliers with barriers to entry.
E) a few suppliers and barriers to entry.

Question

Quizplus · Accepted Answer

A monopoly is defined as a market with only one supplier. However, what distinguishes a monopoly from other markets is the presence of barriers to entry, which prevent other firms from entering and competing. Therefore, the correct option is B: one supplier with barriers to entry.

We Define a Monopoly as a Market with