what is monopoly in economics
Answers
➡️In Economics , Monopoly is a market structure characterized by a single seller, selling a unique product in the market.
In economics, monopoly is a market practice in which a firm or a person is the only and only seller of a product and the product has no close substitute.In economics, a monopoly can be a government owned firm or partnership between different firms, or a single owner in reality monopoly is not exercised everywhere and it is because of many factors but most importantly it is because the competition keeps increasing between firms. In monopoly there is no competition because there are no other firms selling the same product and the most important thing about monopoly is that the product has no close substitute.
In today's world, real life examples of monopoly are very less but they do exist and they are lightning and communication companies in a town or city or sometimes even the whole country but a very famous example of monopoly is the Organisation of Petroleum Exporting Countries(OPEC).