What is Monopoly??
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Answers
Explanation:
the control of an industry or service by only one company; a type of goods or a service that is controlled in this way
the complete control, possession or use of something; something that belongs to only one person or group and is not shared
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Answer:
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.
Description: In a monopoly market, factors like government license, ownership of resources, copyright and patent and high starting cost make an entity a single seller of goods. All these factors restrict the entry of other sellers in the market. Monopolies also possess some information that is not known to other sellers.
Characteristics associated with a monopoly market make the single seller the market controller as well as the price maker. He enjoys the power of setting the price for his goods.