Question

what is meant by manopoly in economics
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Answer 1

Definition of 'Monopoly'

Definition: A market structure characterized by a single seller, selling a unique product in the market. In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute. ... He enjoys the power of setting the price for his goods.

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Answer 2

A market structure characterized by a single seller, selling a unique product in the market. In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute.