A monopoly has two key features, which are ________.
A) barriers to entry and no close substitutes
B) franchises and barriers to entry
C) barriers to entry and close substitutes
D) close substitutes and no barriers to entry

Question

Quizplus · Accepted Answer

A monopoly is characterized by having no close substitutes for the product or service it provides, and by having barriers to entry that prevent potential competitors from entering the market. These barriers to entry can take many forms, such as legal restrictions, high start-up costs, or exclusive access to key resources or technology.

A Monopoly Has Two Key Features, Which Are ________