Explain the unusual profit situation in the context of a monopoly market. (Also draw pictures).
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A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity. This contrasts with a monopsony which relates to a single entity's control of a market to purchase a good or service, and with oligopoly and duopoly which consists of a few sellers dominating a market.
A market might have a monopoly because:
(1) a key resource is owned by a single firm
(2) the government gives a single firm the exclusive right to produce some good or
(3) the costs of production make a single producer more efficient than a large number of producers.
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it is one of the monopoly present in the universe
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