The options of the items that apply to a monopoly:
Firms are price settersHigh barriers to entering the marketWhat 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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