The figure given below shows the cost and revenue curves of a monopolist.Figure 11.9
D: Average revenue
MR: Marginal revenue
ATC: Average total cost
MC: Marginal cost
-Economies of scale, control over a scarce input, and patents are all examples of barriers to entry.

Question

The figure given below shows the cost and revenue curves of a monopolist.Figure 11.9
  D: Average revenue
MR: Marginal revenue
ATC: Average total cost
MC: Marginal cost
-Economies of scale, control over a scarce input, and patents are all examples of barriers to entry.

Quizplus · Accepted Answer

Economies of scale, control over a scarce input, and patents are all examples of barriers to entry that can prevent new competitors from entering a market, which is a characteristic of a monopolist.

The Figure Given Below Shows the Cost and Revenue Curves