Question

what is monopoly give brief explanation
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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

Answer:

A market structure characterized by a single seller, selling a unique product in the market.

Explanation:

The word monopoly has been derived from the combination of two words'mono' and 'poly'. Mono refers to the single and poly to control.

In this way, refers to a market situation in which there is only one seller of a commodity.