Economy, asked by Alexaltamas938, 1 year ago

What is monopoly? Explain the conditions necessary for the existence of monopoly?

Answers

Answered by Anonymous
2

Answer:

A Monopoly is a form of market in which there is only one seller of a product with no close substitutes.

Example : Indian Railways, Coal India Limited, Bharat Heavy Electronics Limited etc.

Explanation:

Conditions Required for Existence of Monopoly :

  • There are no close substitute for the good which was produced by monopoly firm/company.
  • Only one firm operating in the market.
  • There are high barriers to entry and difficulty registration process.  

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