The Two Basic Reasons Why a Monopoly Exists Are Barriers

question 12

True/False

The two basic reasons why a monopoly exists are barriers to entry and cost advantages.

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Definitions:

Insourcing

The practice of performing business functions or operations internally, rather than outsourcing them to external vendors.

Outsourcing

The practice of hiring third parties to perform services or produce goods that were previously handled internally by the company's own staff.

Online Catalog

A digital platform that displays products or services offered by a company, allowing customers to browse, search, and sometimes purchase items directly over the internet.

Digitized Version

A digital format of a document, image, sound, video, or any other type of content that has been converted from its original physical or analog medium for easier access, storage, and sharing.