A monopoly produces a product ________ and there ________ barriers to entry into the market.
A) identical to its many competitors; are
B) with no close substitutes; are
C) identical to its many competitors; are no
D) with no close substitutes; are no
E) slightly different from those of its many competitors; are

Question

Quizplus · Accepted Answer

A monopoly by definition is the only supplier in a market, meaning that it produces a product with no close substitutes. Additionally, there are barriers to entry into the market, which prevent other firms from entering and competing against the monopoly. Therefore, option B is the best choice.

A Monopoly Produces a Product ________ and There ________ Barriers

A Monopoly Produces a Product and There Barriers