Methods of controlling monopoly and its characteristics
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characteristics of monopoly are:
1 there is one seller large number of buyers.
2 there is no close substitute of the commodity.
3 there are restrictions on the entry of new firms.
4 a firm being the monopolist have full control over price.
1 there is one seller large number of buyers.
2 there is no close substitute of the commodity.
3 there are restrictions on the entry of new firms.
4 a firm being the monopolist have full control over price.
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