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A monopoly is a market in which there are high barriers to entry, which are restrictions that make it difficult for new firms to enter a market. There are two types of barriers to entry: natural barriers and government-created barriers. Sort the following into the appropriate type of entry barrier.
Taxi companies have market power because it is difficult for new companies to obtain a license to operate.
ALCOA’s production costs per unit of aluminum continued to fall as the firm expanded.
Pfizer obtains a patent to sell a new drug that will cure cancer.
Sam’s Scooters is unable to raise finanancial capital because the company is unknown.
U.S. Steel owned a significant number of iron ore mines, a key input to produce steel.

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A monopoly is a market with high entry barriers or restrictions that make it difficult for new firms to enter a market. Natural barriers and government-created barriers are the two types of entry barriers.

A situation known as monopoly occurs when there is only one seller in the market. The monopoly case is viewed as the polar opposite of perfect competition in conventional economic analysis. The industry's downward-sloping demand curve is, by definition, the demand curve that the monopolist faces.

When one business and its product control an entire sector of the economy, there is little to no competition and customers are compelled to purchase the particular good or service from the one business. This situation is known as a monopoly.

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