A characteristic of a monopoly market structure is that there are barriers to entry, the entire market output is produced by only a few firms, and monopolies have a high level of market power.
A characteristic of a monopoly market structure is that there are barriers to entry. This means that new firms find it difficult to enter the market and compete with existing firms. Monopolies also have the ability to produce the entire market output, meaning they are the sole producer of a particular good or service. Additionally, monopolies have a high level of market power, meaning they can set prices and control the market without much competiti