Answer to Question #67545 in Other Economics for Anurag
Typical features of the monopoly:
- one seller and large number of buyers;
- no close substitutes;
- difficulty of entry for new firms;
- monopoly constitutes the industry;
- monopolist establishes price markers.
Need a fast expert's response?Submit order
and get a quick answer at the best price
for any assignment or question with DETAILED EXPLANATIONS!