Barriers to Entry to a Monopoly Include

question 178

Multiple Choice

Barriers to entry to a monopoly include

• A)unions.
• B)high economic profits carried by a monopoly.
• C)patents.
• D)high transportation costs.
• E)low production costs.

---

Definitions:

Arthritis Medication

Medicines used to treat inflammation, pain, and stiffness associated with arthritis.

Long-Run Equilibrium

A situation in competitive markets where all firms are making normal profits, and there is no incentive for market entry or exit.

Marginal Cost

An increase in the full cost that comes from producing an additional unit of a product or service.

Monopolistic Competition

A market structure characterized by many firms selling products that are substitutes but not perfect substitutes, leading to each firm having some market power.