Which of the following items apply to monopoly (choose 2)? HELP NOW PLS


firms are price setters


some barriers to entering the market


high barriers to entering the market


firms are price searchers


firms are price takers


no barriers to entering the market

Answers

Answer 1

The options of the items that apply to a monopoly:

Firms are price settersHigh barriers to entering the market

What is the monopoly?

One company has control of a market in a monopoly.  This means that company gets to choose the prices of its products all by itself. If no other companies are competing, one company can choose how much they want to charge for their product.

So, It's hard for new companies to start competing with a monopoly because there are big obstacles to getting into the market. These obstacles can be things like laws, trademarks, buying things in bulk, etc.

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