A major characteristic of monopoly is that
A) no barriers to entry exist.
B) the product is identical to that produced by other companies.
C) a barrier to entry keeps out competitors.
D) competition is intense.
E) a few firms compete with each other.

Question

Quizplus · Accepted Answer

A key characteristic of a monopoly is that there is a barrier to entry. This makes it difficult or impossible for other firms to enter the market and compete with the monopoly. Without a barrier to entry, new firms could enter and compete with the monopoly, making it less dominant in the market.

A Major Characteristic of Monopoly Is That