Answer :Monopoly means single seller selling a unique product in
the market.One of the characteristic monopoly is that there is huge
barriers to entry in the business.
There are various types of barriers such as :
- Economics of scale means that lower cost of producing something
has been create lower price which resulted in creating
monopoly.
- Ownership of resources as it means that there are some rare
resources and which are owned by the particular sector that creates
monopoly.
- Patent: A legal barriers to enter in the market place which
resulted in creating a patent in an economy.
- Trademark and copyright protection has been created monopoly in
an economy place.
- Brand loyalty as it means customers attachment for a particular
brand results in a monopoly. Example : Maggie in noodles company
create monopoly in an economy.