In a monopoly market, if barriers to entry are high, which of the following is likely to occur in terms of consumer surplus?

In a monopoly market, high barriers to entry mean that new companies cannot easily enter the market to compete. This situation allows the monopoly to control prices and limit the quantity of goods produced. As a result, consumers often pay higher prices for fewer choices, leading to a decrease in consumer surplus. Consumer surplus is the difference between what consumers are willing to pay and what they actually pay, and in a monopoly, this surplus shrinks because consumers have to pay more for less. For example, if a single company sells a unique product at a high price, consumers who would have paid less for the same product are left with less satisfaction and fewer options, reducing their overall benefit.