Question

Select the items that describe a monopoly.

many sellers
no substitutes
barriers to entry
price taker
resources used inefficiently

Answer 1

Answer:

barriers to entry is correct according to me

Answer 2

The terms 'no substitutes' and 'barriers to entry' describe a monopoly.

* In economics, the term monopoly refers to the structure of a market such that there's only one seller selling a particular item and dominates the market.

Some of the characteristics of monopoly are:

1. No competition faced from other sellers.

2. Sole authority to control the price of a product.

3. No substitutes of the product present.

4. High barriers to entry.