To have a monopoly in an industry there must be
A)barriers to entry so high that no other firms can enter the industry.
B)a patent or copyright giving the firm exclusive rights to sell a product for 20 years.
C)an inelastic demand for the industry's product.
D)a public franchise, making the monopoly the exclusive legal provider of a good or service.

Question

Quizplus · Accepted Answer

For a firm to have a monopoly in an industry, there must be significant barriers to entry that prevent or limit the ability of new firms to enter and compete. These barriers can include high startup costs, economies of scale, regulatory barriers, ownership of scarce resources or intellectual property rights, etc.

To Have a Monopoly in an Industry There Must Be