Monopolies and oligopolies both erect barriers to entry through the use of

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Monopolies and oligopolies use patents to prevent entry of new competitors by having exclusive rights to produce and sell a certain product. This makes it difficult for new firms to enter the industry and compete. Price cutting, franchising, and advertising may be used by some firms to gain market share, but they do not erect significant barriers to entry.

Monopolies and Oligopolies Both Erect Barriers to Entry Through the Use