Question

explain the concept of monopoly and mention its types​

Answer 1

Answer:

Thus, 'Monopoly refers to a market situation where one firm or a group of firms which are combined to have a control over the supply of the product. ” In other words, Monopoly is a market situation in which there is only one seller of a product with barriers to entry of others

Answer 2

Answer:

Monopoly refers to a market situation where one firm or a group of firms which are combined to have a control over the supply of the product. In other words, Monopoly is a market situation in which there is only one seller of a product with barriers to entry of others.

4 types of monopolies are :

Natural monopoly.

Geographic monopoly.

Technological monopoly.

Government monopoly.

hope it helps you.