Question

Explain the type of Monopoly​

Answer 1

Monopoly

“Monopoly is made of two words—’Mono’ and ‘Poly’. ‘Mono’ means single and ‘Poly’ means seller. 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. ”

“Monopoly is made of two words—’Mono’ and ‘Poly’. ‘Mono’ means single and ‘Poly’ means seller. 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 is the complete control of the supply of a product or service by one person or organisation