Select the items that describe a monopoly.

Students were inquired to answer a question at institution and to express what is most important for them to succeed. Of the many reactions, the one which that stood out was practice. Successful persons are usually not born successful; they become successful via hard work and determination. If you wish to accomplish your goals, keep this in mind! shown below some question and answer examples that you can easily use to expand your knowledge and gain insight that will guide you to sustain your school studies.

Question:

Select the items that describe a monopoly.many sellers
no substitutes
barriers to entry
price taker
resources used inefficiently

Answer:

Answer: no substitutes

barriers to entry

resources used inefficiently

Explanation:

A monopoly is known to be a seller in a market selling a good of which there are no substitutes.  Hence, new sellers are not permitted to enter the market because there are laws restricting them and resources are used inefficiently as a result of increase in the price of the good which limit the output.

From the answer and question examples above, hopefully, they might possibly assist the student deal with the question they had been looking for and take notice of each and every step stated in the answer above. You may then have a discussion with your classmate and continue the school learning by studying the subject together.

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