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Suppose a monopolist faces the following costs for various levels of output. Which of the following is a key characteristic that distinguishes a monopoly from a perfectly competitive firm?
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12. Monopoly
Characteristics of Monopoly
Multiple Choice
What barriers to entry can create a monopoly?
A
Low start-up costs, many close substitutes, and free access to distribution networks
B
Temporary advertising advantages, occasional price leadership, and short-term demand spikes
C
Government-imposed price ceilings, open-source technology access, and many small independent firms
D
Legal protections (patents and exclusive licenses), control of essential inputs, and large economies of scale that deter rivals
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