Output restriction, fixing of prices, creating obstacles to free entry into the market are features of?
Answer Details
The features described in the question are characteristics of a pure monopoly. A pure monopoly exists when a single firm is the only supplier of a particular product or service in the market, and there are no close substitutes. As a result, the monopolist has considerable market power, allowing them to restrict output, set prices higher than in a competitive market, and create barriers to entry to prevent new competitors from entering the market. These actions often lead to higher prices, reduced output, and a loss of consumer surplus.