Explain (in detail) 5 characteristic/of monopoly

History

1 answer:

algol [13]3 years ago

5 0

Answer:

im guessing u meant the board game

Explanation:

A monopoly market is characterized by the profit maximizer, price maker, high barriers to entry, single seller, and price discrimination.

Monopoly characteristics include profit maximizer, price maker, high barriers to entry, single seller, and price discrimination.

Sources of monopoly power include economies of scale, capital requirements, technological superiority, no substitute goods, control of natural resources, legal barriers, and deliberate actions.

There are a few similarities between a monopoly and competitive market: the cost functions are the same, both minimize cost and maximize profit, the shutdown decisions are the same, and both are assumed to have perfectly competitive market factors.

Differences between the two market structures including: marginal revenue and price, product differentiation, number of competitors, barriers to entry, elasticity of demand, excess profits, profit maximization, and the supply curve.

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