Classify each statement according to whether or not it describes a monopoly. If a statement does not describe a monopoly, leave it unplaced. Monopoly characteristics Not characteristic of monopoly Answer Bank There are low barriers to entry into the market. No close substitutes are available. There are significant barriers to entry into the market. There are many firms in the industry. Firms are price takers. Only a few firms exist in the industry, and these firms share total market power. Firms are price makers. There is only one firm in the industry