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zscalable concept
on Oct 27, 2024
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A monopoly is an industry structure characterized by:
A) a single buyer and several sellers.
B) a product with many close substitutes.
C) a large number of small firms.
D) barriers to entry and exit.
Barriers to Entry
Obstacles that prevent new competitors from easily entering an industry or area of business.
Industry Structure
The characteristics that influence the nature of competition and pricing in a particular industry, including the number and size of firms, entry barriers, and product differentiation.
- Understand the concept and characteristics of monopoly in economic theory.
Verified Answer
PM
Learning Objectives
- Understand the concept and characteristics of monopoly in economic theory.