ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A monopoly is a market structure characterized by a single seller or producer that excludes viable competition from providing the same product. A monopolistic market is typically dominated by one supplier and exhibits characteristics such as high prices and excessive barriers to entry.

Detailed explanation-2: -A natural monopoly is a market that runs most efficiently when one large firm provides all of the output. Sometimes the development of a new technology can destroy a natural monopoly. A government monopoly is a monopoly created by the government.

Detailed explanation-3: -Monopolistic competition, also called competitive market, where there is a large number of firms, each having a small proportion of the market share and slightly differentiated products. Oligopoly, in which a market is by a small number of firms that together control the majority of the market share.

Detailed explanation-4: -Oligopoly. An oligopoly is dominated by a few firms, resulting in limited competition. They can collaborate with or compete against each other to use their collective market power to drive up prices and earn more profit. Entering into an oligopoly is difficult.