What are some pure monopoly chracteristics? - ProProfs Discuss
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What are some pure monopoly chracteristics?

This question is part of How Businesses Compete
Asked by Jjpink, Last updated: Oct 27, 2020

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h. George

h. George

Government employee and a part-time content writer.

h. George
H. George, Copywriter, MA in English, California

Answered Apr 18, 2018

Single Supplier: The essence of a monopoly is a market controlled by a single seller. The "mono" part of monopoly means single. The "poly" part of monopoly means to sell. So the word itself, monopoly, means a single seller.
Unique Product: To be the only seller of a product, however, a monopoly must have a unique product.

Barriers to Entry and Exit: A monopoly is generally assured of being the ONLY firm in a market because of assorted barriers to entry. Some of the key barriers to entry are: Government License or franchise, Resource Ownership, Parents and copyrights, High start-up cost, and Decreasing average total cost.

Specialized Information: Monopoly is commonly characterized by control of information or production technology not available to others. This specialized information often comes in the form of legally-established patents, copyrights, or trademarks.

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jjpink

jjpink

jjpink
Jjpink

Answered Sep 05, 2017

All of the above
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