Question

When J.K. Rowling exerts copyright ownership of her literary works, she creates a monopoly by restricting Group of answer choices the number of inventors. unit production costs. entry into the market. demand for the product.

Answer 1

A market structure characterized by a single seller, selling a unique product in the market.

In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute.

How are monopolies and monopolistic competitive firms profitable?

A key characteristic of a monopolist firm is that it's a profit maximizer.

A monopolistic market has no competition, meaning the monopolist controls the price and quantity demanded.

The level of output that maximizes a monopoly's profit is when the marginal cost equals the marginal revenue.

What is example of monopoly?

A monopoly is a firm who is the sole seller of its product, and where there are no close substitutes.

An unregulated monopoly has market power and can influence prices. Examples: Microsoft and Windows, DeBeers and diamonds, your local natural gas company.

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Answer 2

Answer: entry into the market