Extremely difficult entry to the market with unique product is a feature of:

Question

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Monopolies are characterized by a lack of competition as there is only one firm in the market. This firm has complete control over the supply of the product and can charge high prices due to the lack of substitutes. Entry into the market is extremely difficult, especially for a unique product, as the existing firm can use its market power to prevent competition.

Extremely Difficult Entry to the Market with Unique Product Is