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Which of the following is a characteristic of a monopoly market? A
Which of the following is a characteristic of a monopoly market?
A. Firms produce a homogeneous product.
B. Barriers to entry exist.
C. Firms are price-taking profit maximizers.
D. Dead-weight loss is eliminated through entry of competing firms in the long run.
E. In the long run the firm earns normal profits.
Expert Solution
The correct option is:
B. Barriers to entry exist.
A monopoly is a market with a single seller and new sellers cannot enter the market.
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