State two features of a non-competitive market.

Non-competitive markets, such as monopolies and oligopolies, stand in contrast to perfectly competitive markets. Their key features include: - **High barriers to entry:** Obstacles like high start-up costs, patents, or economies of scale prevent new competitors from entering. - **Price-making power:** Firms are not 'price takers'. They have enough market power to set or influence the price of their goods. - **Few firms:** The market is dominated by a single firm (monopoly) or a few large firms (oligopoly). - **Product differentiation:** Products may be differentiated through branding, quality, or features to create customer loyalty.