Answer to Question #45424 in Microeconomics for Dion Lewis

Question

Which of the following is a characteristic of a monopoly market structure?

Select one:
a. The greater the ability of consumers to find imperfect substitutes for the firm's product, the greater will be the firm's market power.
b. The entire market output is produced by only a few firms.
c. There are barriers to entry.
d. Close substitutes for this product are available.

Answer 1

c. There are barriers to entry.