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

Group of answer choices

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

User Szhem
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Answer:

Firms are price setters and high barriers to entering the market. These characteristics are essential indicators of a monopoly market structure where one company dominates the industry and faces few competitors. In contrast, firms in perfect competition face low entry barriers, are price takers, and lack pricing power due to intense rivalry. Oligopolistic markets exhibit only moderately high entry barriers, while both monopolistic and duopolistic structures feature dominant players setting prices. Therefore, the correct answers would be "firms are price setters" and "high barriers to entering the market".

User Bobanahalf
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