For ten points, identify this economic market, which contains only one seller and shares its name with a popular Parker Brothers board game.
This economic market is characterized by large deadweight loss, an output level lower than the socially efficient level, the potential for profit in the long run, and high barriers to entry. The barriers of entry characteristic of this market include presence of patents, licensing restrictions and when a firm has control over an essential resource. For ten points, identify this economic market, which contains only one seller and shares its name with a popular Parker Brothers board game.
This economic market is characterized by large deadweight loss, an output level lower than the socially efficient level, the potential for profit in the long run, and high barriers to entry.
{monopoly}