Which of the following statements about a monopoly is FALSE?
A) The good produced by a monopoly has no close substitutes.
B) Monopolies have no barriers to entry or exit.
C) A monopoly is the only producer of the good.
D) None of the above; that is, all of the above answers are true statements about a monopoly.

Question

Quizplus · Accepted Answer

Monopolies often have significant barriers to entry or exit, which is one of the characteristics that enable them to maintain their monopoly status. These barriers can include exclusive access to a crucial resource, high initial investment costs, regulatory protections, or significant economies of scale.

Which of the Following Statements About a Monopoly Is FALSE