Question

In which market form,a market is dominated by a single seller?

Answer 1

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In monopoly market, There is only a single seller.... :))


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Answer 2

'Monopoly' is the market structure where the market is dominated by a single seller with unlimited potential buyers.

The monopoly firm is the price maker in the market. Since they are the only firm that produces that good so it is at their discretion, they are to charge whatever price they want.

Monopolies are characterized by lack of competition in the market and this even leads to consumer exploitation leading to high producer surplus and low consumer surplus.