Asked by
Nolan Killian
on Dec 17, 2024Verified
The fundamental source of monopoly power is
A) barriers to entry.
B) profit.
C) increasing average total cost.
D) a product without close substitutes.
Monopoly Power
The capacity of a firm to control market prices and exclude competition, often by being the sole provider of a product or service.
Barriers to Entry
Barriers that make it difficult for new entrants to join a market or business sector.
- Assess how barriers to entry contribute to the sustenance of monopoly dominance.
Verified Answer
ZH
Learning Objectives
- Assess how barriers to entry contribute to the sustenance of monopoly dominance.