Question

difference between custom duty and monopoly​

Answer 1

Answer:

Custom duty is a kind of an indirect tax that is imposed on both exported and imported goods and services. The tax imposed on the import of goods is known as the import duty. Whereas, the tax imposed on the export of goods is known as the export duty.

Answer 2

Answer:

⭐Monopoly:-

➡A market structure characterized by a single seller, selling a unique product in the market. In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute. ... Monopolies also possess some information that is not known to other sellers.

⭐Custom Duty:-

➡Customs Duty is a tax imposed on imports and exports of goods. Description: The rates of customs duties are either specific or on ad valorem basis, that is, it is based on the value of goods.

Explanation:

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