Barriers to entry into an industry are highest in ______.

Name: Barriers to entry into an industry are highest in ______.
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Question

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A monopoly occurs when only one firm dominates an industry, creating an almost insurmountable barrier to entry for other firms. The single dominant firm can control prices and output, and there is no close substitute for its products or services. Therefore, barriers to entry are highest in a monopoly.

Barriers to Entry into an Industry Are Highest in ______