In which of the following situations will the market for a good be a monopoly?
The market will be a monopoly if one firm

Question

In which of the following situations will the market for a good be a monopoly? 
 The market will be a monopoly if one firm

Accepted Answer

has a copyright, patent, or a government licence.

Answer

is the only supplier of a good in the market with a few good substitutes.

Answer

can produce the good at a lower cost than other firms.

Answer

has a marketing strategy that dominates other firm's marketing.

Answer

can reap economies of scale while other firm's can't.

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