Question

define monopoly. in what way does it differ from monoplastic competition?

Answer 1

monopoly is the right given to a person that only he or she can use,sell or buy it. eg during British rule in India British considered it as their monopoly when Mahatma Gandhi broke this monopoly. while when many persons want to buy something say spices and hence it amount increases.
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Answer 2

Hey mate!!!! Here is your answer =>

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Monopoly refers to a market structure where there is a single seller dominates the whole market by selling his unique product.

Monopolistic competition refers to the competitive market, wherein few sellers in the market offer near substitutes to the customers.

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