explain monopolis with 3 example
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A monopoly is a market environment where there is only one provider of a certain economic good or service.
HOW IT WORKS (EXAMPLE):
For a true monopoly to be in effect, each of the following characteristics would typically be evident:
A sole provider of a viable product or service.
A lack of any close substitutes for consumers to choose from.
High barriers to dissuade the entry of any potential competitors.
HOW IT WORKS (EXAMPLE):
For a true monopoly to be in effect, each of the following characteristics would typically be evident:
A sole provider of a viable product or service.
A lack of any close substitutes for consumers to choose from.
High barriers to dissuade the entry of any potential competitors.
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a monopoly is a market environment
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