Asked by
Kiara Pierre
on Oct 08, 2024
Verified
In which of the following industry structures is the entry of new firms the most difficult?
A) Pure monopoly.
B) Oligopoly.
C) Monopolistic competition.
D) Pure competition.
Pure Monopoly
A market structure where a single firm controls the entire market supply of a product or service, with no close substitutes available, enabling price setting power.
Entry of New Firms
The process by which new companies can enter an industry, often affecting competition levels, market share, and innovation.
- Compare and contrast the fundamental characteristics that define market structures like pure competition, monopolistic competition, oligopoly, and monopoly.
Verified Answer
AB
Learning Objectives
- Compare and contrast the fundamental characteristics that define market structures like pure competition, monopolistic competition, oligopoly, and monopoly.
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