Answer to Question #215897 in Microeconomics for Karan Wadhwa

Question #215897
What are the necessary conditions for a monopoly position in the market to be established?
1
Expert's answer
2021-07-13T11:20:21-0400

The necessary conditions for a monopoly position in the market to be established are that there should be only one producer in the market, no close substitutes for the good or service it produces, and there should be no barriers to entry for firms to enter the market.


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