Question: Please answer this question A monopoly, unlike a perfectly competitive firm, has some market power. Thus, it can raise its price, within limits, without quantity

Please answer this question

A monopoly, unlike a perfectly competitive firm, has some market power. Thus, it can raise its price, within limits, without quantity demanded falling to zero. The main way monopolies retain their market power is through barriers to entry, which prevent other companies from entering monopolized markets and competing for customers. Consider the market for a statewide lottery. The government has licensed itself as the only entity allowed to sell tickets for this lottery. It is impossible for any private firm to start up a competitive lottery without a government license to do so. Which of the following best explains the barriers to entry that exist in this scenario? O Legal restrictions O Control of essential resources O Economies of scale

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