The US Federal Trade Commission has filed a complaint against Facebook alleging it is a monopoly although so far the courts disagree. Support your argument using the following monopoly IS FACEBOOK characteristics: 1. Dominant market share? (2 marks) (A SOCIAL 2. No close substitutes for product? (2 marks) NETWORK 3. Significant barriers to entry? (2 marks) MONOPOLY? 4. Substantial market power and control over price (monopolists are price makers)? (2 marks) 5. Potential long-run economic profit? (2 marks) 1 mark for how you support your answer in each part (total 5 marks)