High barriers to entry stop ANY new firms entering the market
Few firms dominate the market
This market structure has the biggest economies of scale, especially a natural monopoly.
One supplier in market
There is an element of choice in this market although products are very similar
Unique product with higher price
Firms in this market collude on prices and output to boost everyone's profits.
Firms are interdependent which means they monitor each others prices and decisions.
Prices are rigidly high as firms do not compete on price
This firm because of its domestic dominance can compete internationally with other large firms.