Question

manopoli market ans


​

Answer 1

Answer:

The Monopoly is a market structure characterized by a single seller, selling the unique product with the restriction for a new firm to enter the market. Simply, monopoly is a form of market where there is a single seller selling a particular commodity for which there are no close substitutes.

Explanation:

please mark me as brainliest

Answer 2

Monopoly Market

If you break up the word “Monopoly”, you get “Mono” which means single or solo, and “Poly” which means “seller”. Thus a monopoly market is the one where a firm is the sole seller of a product without any close substitutes. In a monopoly market structure, a single firm or a group of firms can combine to gain control over the supply of any product. The seller does not face any competition in such a market structure as he or she is the sole seller of that particular product.

No other firm produces a similar product, and the product is unique. It does not face much cross elasticity of demand with all other products.

What are the Sources of Monopoly Market ?

The individual control of the market in a monopoly market structure is due to the following sources of power.

• Legal barriers

• Economies of sale

• Technological superiority

• Control of natural resources

• Network externalities

• Deliberate actions

• Capital requirements

• No suitable substitute

Hope it helps...

Have a great day...