What are some pure monopoly chracteristics are? - ProProfs Discuss
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What are some pure monopoly chracteristics are?



A. Single seller
B. No closesubtitute
C. Barriers to entry
D. All of the above
E. None of the above

This question is part of How Businesses Compete
Asked by Jjpink, Last updated: Apr 18, 2018

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2 Answers

h. George

Government employee and a part-time content writer.

H. GeorgeCopywriter, MA in English, California
Copywriter, MA in English, California

Answered on Apr 18, 2018

Single Supplier: The essence of a monopoly is a market controlled by a single seller. The "mono" part of monopoly means single. The "poly" part of monopoly means to sell. So the word itself, monopoly, means a single seller.
Unique Product: To be the only seller of a product, however, a monopoly must have a unique product.

Barriers to Entry and Exit: A monopoly is generally assured of being the ONLY firm in a market because of assorted barriers to entry. Some of the key barriers to entry are: Government License or franchise, Resource Ownership, Parents and copyrights, High start-up cost, and Decreasing average total cost.

Specialized Information: Monopoly is commonly characterized by control of information or production technology not available to others. This specialized information often comes in the form of legally-established patents, copyrights, or trademarks.

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jjpink

Jjpink

Answered on Sep 05, 2017

All of the above
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