A pure monopoly occurs when a firm possesses unique characteristics so important to competition in its industry that they form barriers to prevent entry by would-be competitors.

Question

Quizplus · Accepted Answer

A pure monopoly occurs when one firm has complete control over the market, often due to significant barriers to entry. These barriers prevent competitors from entering the market and competing with the monopolist.

A Pure Monopoly Occurs When a Firm Possesses Unique Characteristics