Which of the following statement is true of a monopoly markets?

Explanation

This question is about monopoly markets. The question is asking which statement is true about monopoly markets from the given options.

Option A states that barrier to entry exists in the short run, but not in the long run. This is not true because in a monopoly market, barriers to entry exist in both the short and long run. These barriers can include patents, control of scarce resources, or economies of scale.

Option B states that the price is greater than marginal revenue but less than marginal cost. This is also not true because in a monopoly market, the price is set where marginal revenue equals marginal cost.

Option C states that demand is more elastic than the demand for a perfectly competitive firm's output. This is also not true because in a monopoly market, demand is less elastic than the demand for a perfectly competitive firm's output.

Option D, which is the correct answer, states that the demand for the firm's product is also the market demand for the product. This is true because in a monopoly market, there is only one firm that produces the product, so the demand for that firm's product is also the market demand for the product.

In summary, the correct answer to the question is option D, which states that the demand for the firm's product is also the market demand for the product. To learn more about monopoly markets and related topics, please read the relevant sections of the recommended textbooks.