Which one of the following is a barrier to entry in the context of a monopoly?

Legal

Technological

Control of natural resources

All of the above

Booster class

Microeconomics

Skill

Explain the functioning of a Monopoly

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Paramjeet ChawlaLv8

30 Oct 2020

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Related questions

Question 1:

Discuss various types of barriers that work in favor of a monopoly (legal barrier, a technological barrier, ownership of a key resource, natural monopoly, scale economy)

Question 2:

Assume Hershey, Pennsylvania's only employer is Hershey Chocolate company which means it is a monopsony (single buyer) in the local labor market. Also assume, all workers belong to one trade union implying the monopoly (one seller) in the labor market. Discuss the equilibrium wage and number of workers hired in this scenario relative to the competitive labor market equilibrium scenario.