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Which of the following is an assumption of the theory of monopoly? a. there are extremely high barriers to entry b. there are many sellers c. the product has a number of close substitutes d. the product
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Which of the following is an assumption of the theory of monopoly?

a. there are extremely high barriers to entry
b. there are many sellers
c. the product has a number of close substitutes
d. the product is of extremely high quality

User Ryan Bavetta
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1 Answer

2 votes

Answer:

A

Step-by-step explanation:

A monopoly is when there is only one firm operating in an industry. there are usually high barriers to entry of firms. the demand curve is downward sloping. it sets the price for its goods and services.

An example of a monopoly is a utility company

User Gray Spectrum
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