To have a monopoly in an industry there must be
A) a public franchise, making the monopoly the exclusive legal provider of a good or service.
B) an inelastic demand for the industry's product.
C) barriers to entry so high that no other firms can enter the industry.
D) a patent or copyright giving the firm exclusive rights to sell a product for 20 years.
C
Economics
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The relationship between the level of prices and total quantity of goods and services producers are willing to supply is represented by the
A) aggregate supply curve. B) aggregate demand curve. C) sticky price curve. D) GDP multiplier.
Economics
In the short run, if the stock of capital ________ there will be more depreciation
A) remains stable B) grows C) declines D) grows, declines, or remains stable
Economics