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A monopoly can be characterized by which of these? Select the TWO that apply.

A. The firm has market power.
B. There are only a few sellers, each selling a unique product.
C. Entry barriers are high.
D. There are substitutes to the firm's product.
E. The firm sells either identical or differentiated products.



Answer :

GinnyAnswer

Final answer:

A monopoly is a market structure with a single firm and no close substitutes, granting market power and high barriers to entry.


Explanation:

Monopoly is a market structure characterized by a single firm that produces a product with no close substitutes, giving the firm market power to set prices. It also involves high barriers to entry to prevent new competitors from entering the market.


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