Question

What is monopoly? What are its characteristics?​

Answer 1

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Definition of Monopoly ↔

A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity. This contrasts with a monopsony which relates to a single entity's control of a market to purchase a good or service, and with oligopoly and duopoly which consists of a few sellers dominating a market

Some characteristics of monopoly are given below ↔

The four key characteristics of monopoly are:

• a single firm selling all output in a market
• a unique product
• restrictions on entry into and exit out of the industry, and more often than not
• specialized information about production techniques unavailable to other potential producers.

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