What is monopoly? What are its characteristics?
Answers
A monopoly market is characterized by the profit maximizer, price maker, high barriers to entry, single seller, and price discrimination. Monopoly characteristics include profit maximizer, price maker, high barriers to entry, single seller, and price discrimination.
monopoly is an economic market structure where a specific person or enterprise is the only supplier of a particular good. A monopoly market is characterized by the profit maximizer, price maker, high barriers to entry, single seller, and price discrimination.
MONOPOLY, CHARACTERISTICS: The four key characteristics of monopoly are: (1) a single firm selling all output in a market, (2) a unique product, (3) restrictions on entry into and exit out of the industry, and more often than not (4) specialized information about production techniques unavailable to other potential producers.
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