One major barrier to entry under pure monopoly arises from b) ownership of essential resources.
In a pure monopoly, a single firm dominates the entire market. This dominance is often fortified by the control or ownership of essential resources that are necessary to produce a product or service. For instance, if a company owns all the raw materials required for manufacturing a particular good, it can prevent other potential competitors from entering the market, as they lack access to these vital resources.
Additionally, this ownership creates a significant hurdle for any new entrants because they cannot replicate the monopolist’s product without securing the same resources. Therefore, the capacity to control essential resources is a critical barrier to entry in a monopolistic market structure.