Question

Ello!♥️

Explain the term "Monopoly".​

Answer 1

Answer:

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Explanation:

In economics, a monopoly is a single seller. In law, a monopoly is a business entity that has significant market power, that is, the power to charge overly high prices. Although monopolies may be big businesses, size is not a characteristic of a monopoly. ... In many jurisdictions, competition laws restrict monopolies.

Answer 2

Definition: 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.