Which of the following is a characteristic of pure monopoly?

A) close substitute products
B) barriers to entry
C) the absence of market power
D) "price taking"

Pure Monopoly

A market structure where a single supplier dominates the market, with no close substitutes for the product or service offered, leading to high control over prices.

Barriers to Entry

Economic, procedural, or regulatory obstacles that prevent new competitors from easily entering an industry or area of business.