Question

What is meant by Monopoly?​

Answer 1

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. ...

Answer 2

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• Monopoly is a situation where there is a single seller in the market.
• In conventional economic analysis, the monopoly case is taken as the polar opposite of perfect competition.
• By definition, the demand curve facing the monopolist is the industry demand curve which is downward sloping.