Under which of the following conditions does monopoly arise?

Question

Accepted Answer

Barriers to entry exist and the good produced has no close substitutes.

Answer

A government franchise and other barriers to entry exist.

Answer

No barriers to entry exist but the firm produces the best good in the market.

Answer

Close substitutes for the good produced exist and no barriers to entry exist.

Answer

Barriers to entry exist and close substitutes for the good produced exist.

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