Question

What is monopoly? What are its characteristics?​

Answer 1

monopoly

The term Monopoly means ‘alone to sell’. In a monopoly market, there is a single seller of a particular product with no strong competition from any other seller. In this article, we will look at the features of a monopoly market.

its characteristics

• 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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Answer 2

MONOPOLY:

The term Monopoly means ‘alone to sell’.

In a monopoly market, there is a single seller of a particular product with no strong competition from any other seller.

Characteristics:

• Single Seller of the Product
• Entry Restrictions
• No Close Substitutes
• Price Makers

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