Question

1. Describe a natural monopoly and use a graph to support your answer.


2 Describe the main characteristics of a monopolistically competitive market.

Answer 1

Answer:

i think Monopoly Market Characteristics

Explanation:

i think The characteristics of monopoly include: (1) one firm, (2) one product, and (3) no entry (Table 5.1). The monopoly solution is shown in Figure 5.2. Note that long-run profits can exist for a monopoly, since barriers to entry halt any potential entrants from joining the industry.