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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.
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