what is monolopy how can we describe it
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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. .
Explanation:
- A Lack of Substitutes. One firm producing a good without close substitutes. ...
- Barriers to Entry. There are significant barriers to entry set up by the monopolist. ...
- Competition. There are no close competitors in the market for that product.
- Price Maker. ...
- Profits.
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Monopoly is a special permission or agreement due to which one party,organisation is allowed to work on applied restrictions.East India Company bought Monopoly from the Queen Elizabeth to start doing Business in India
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