Monopoly Characteristics
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3. Price Market
firm can manipulate the price by changing the quantity it produces
4. High Barriers to Entry
new firms cannot enter, no immediate competitors, firm makes long term profit
2. No substitutes
unique good with no substitutes
5. Some "Nonprice" Competition
Even though they have no close competitors, monopolies still advertise their products in an effort to increase demand
1. Single Seller
One Firm controls the market
