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What is monopoly?

What is monopoly?
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Answer #1
  • It is a market structure in which there is a single seller selling his unique product in the market.
  • In monopoly there is no competition.
  • Ownership license, copy wright etc are entitled for the single seller.
  • It makes the seller the sole control of the market.
  • He can enjoy the power of settling price for his goods.
  • Such a person is called a monopolist.
  • The monopoly creates barriers for the other seller.
  • Elasticity of demand is zero for the product and there are no close substitutes for a monopolists product.
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