High entry barriers apply to monopolists and their monopolistic rivals alike.
When a monopolist becomes the sole supplier of a specific good or service, a monopoly has formed. This is distinct from a monopsony, which is when only one entity has the authority to make purchases of goods or services. It also differs from an oligopoly, which is characterized by a small number of vendors controlling a market.
Lack of viable substitute products, a lack of economic rivalry to create the good or service, and the potential for a high monopoly price considerably above the seller's marginal cost that results in excessive profit are the hallmarks of a monopoly.
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