What are "barriers to entry" in a monopoly?

Answer by  pjsfb (221)

A monopoly is when only one company does business in a field or market. Barriers are everything that stop other companies from competing with the monopoly (legislation, patents, or shortages of a key material are some common examples).

Answer by  GeorgeH (179)

Barriers to entry are the requirements that you need to compete against a monopoly in terms of skils, capital, labor, and materials. These vary widely among different types of business.