Question

Define monopoly explain the price output determination under monopoly market

Answer 1

Monopoly refers to a market structure in which there is a single producer or seller that has a control on the entire market.

This single seller deals in the products that have no close substitutes and has a direct demand, supply, and prices of a product.

Therefore, in monopoly, there is no distinction between an one organization constitutes the whole industry.

Demand and Revenue under Monopoly:

In monopoly, there is only one producer of a product, who influences the price of the product by making Change m supply. The producer under monopoly is called monopolist. If the monopolist wants to sell more, he/she can reduce the price of a product. On the other hand, if he/she is willing to sell less, he/she can increase the price.

Answer 2

hey dear here is ur answer
Monopoly__In a monopolitic market, there is no perfect substitutes for the product of a single seller and there is a separate demand curve for the product of each seller.
pure monopoly and pure competition are the two extremes.
1)Single seller
2)No close substitute
3) Inelastic demand
4)Control over price
5)No entry of the new firms.