what is monopoly?and explain the types of monopoly?
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Answer:
the control of an industry or service by only one company; a type of goods or a service that is controlled in this way
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Monopoly Market
Explanation:
- A monopoly market is that market that has only one seller and a large number of buyers. Under a monopoly market, there is the hold of one product that is not made or sold by the seller and only one seller is producing and selling it so that product creates Monopoly in the Market.
There are four types of Monopoly
Type of Monopoly:
- Public monopoly
- Absolute monopoly
- Imperfect monopoly
- legal monopoly
Learn more: Monopoly market
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