One defining characteristic of pure monopoly is that?

Answer 1

Monopoly is achieved when a business has no single competitor in the market.This is usually due to high cost of venturing, government regulations and also hostile takeovers by the strongest firm in the market thus eliminating competition completely.

Answer 2

1) Only one firm in the market (no competition).

2) Significant barriers to entry by other firms exist.

3) Lack of substitute goos for the monopolist's good.

4) Firm is a price-maker.

Answer 3

When one company has a hundred percent control of the market and can create their own price without having to deal with competition