Which of the following could be considered barriers to entry that would prevent potential competitors from entering a monopoly m

Question

3 years ago

7

Which of the following could be considered barriers to entry that would prevent potential competitors from entering a monopoly m

arket?
Select the two correct answers below.
a) patent and copyright laws
b) few workers in the industry
c) extremely high demand for a certain product
d) ownership of a critical factor of production

Business

1 answer:

katrin [286] · Answer 1 · 2022-01-24T22:57:05+03:00

Answer:

a) patent and copyright laws

d) ownership of a critical factor of production

Explanation:

a monopoly is when there is only one firm operating in an industry.

the different reasons why monopoly exists are :

ownership of a key resource. this is natural monopoly

high start up cost

legal barriers - patent and copyright laws

Economies of scale.