Figure 9-I

-Which of the following is a characteristic of a monopoly?
A)a large number of sellers
B)homogeneous products
C)larger barriers to entry
D)price taking firms

Question

Figure 9-I
 
-Which of the following is a characteristic of a monopoly?
A)a large number of sellers 
B)homogeneous products 
C)larger barriers to entry 
D)price taking firms

Quizplus · Accepted Answer

Larger barriers to entry are a characteristic of a monopoly, as it implies that there are few, if any, competitors in the market. A large number of sellers (A) and homogeneous products (B) are characteristics of a perfectly competitive market, and price-taking firms (D) are a characteristic of both perfect competition and monopolistic competition.

Figure 9-I -Which of the Following Is a Characteristic of a Monopoly