Multiple Choice
Which of the following is a potential barrier to entry that could lead to a monopoly market?
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12. Monopoly
Characteristics of Monopoly
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Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
Which market structure is defined by the presence of a single producer?
A
Monopoly
B
Monopolistic competition
C
Perfect competition
D
Oligopoly
Verified step by step guidance1
Understand the key characteristics of different market structures: Monopoly, Monopolistic Competition, Perfect Competition, and Oligopoly.
Recall that a Monopoly is defined by the presence of a single producer or seller in the market, which means there are no close substitutes for the product and the firm has significant market power.
Recognize that Monopolistic Competition involves many producers selling differentiated products, so it is not a single producer market.
Note that Perfect Competition features many producers selling identical products, so again, it is not a single producer market.
Understand that an Oligopoly consists of a few large producers dominating the market, but not just one single producer.
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