Question

Who had monopoly over markets in villages

Answer 1

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Under monopoly, only one firm exists in a particular industry. There is one single seller who sells the unique product with no substitute and no competitors. The seller enjoys the power of the setting of the prices according to his own wish. There are several examples of the monopoly according to the different situations.

If you for example are the only grocery store in town, for me by definition that is not a monopoly. If things happen to the town, you sooner than later also have competition.

Being the only one in a small market with only barriers of entry raised does not make a monopoly, since markets as mentioned also change. A true monopoly remains regardless if the market change and has no competition.

But still there are several landlord, traders etc. who can manipulate market according to their.

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Answer 2

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Under monopoly, only one firm exists in a particular industry. There is one single seller who sells the unique product with no substitute and no competitors. The seller enjoys the power of the setting pf the prices according to his own wish. There are several examples of the monopoly according to the different situations.