ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute. Description: In a monopoly market, factors like government license, ownership of resources, copyright and patent and high starting cost make an entity a single seller of goods.

Detailed explanation-2: -Single seller: In a monopoly, there is one seller of the good, who produces all the output. Therefore, the whole market is being served by a single company, and for practical purposes, the company is the same as the industry. Price discrimination: A monopolist can change the price or quantity of the product.

Detailed explanation-3: -A monopoly is a market structure that consists of only one seller or producer. A monopoly limits available substitutes for its product and creates barriers for competitors to enter the marketplace. Monopolies can lead to unfair consumer practices.

Detailed explanation-4: -A monopoly is a market dominated by a single seller. Instead of many buyers and sellers, as is the case with perfect competi-tion, a monopoly has one seller and any number of buyers. Barriers to entry make monopolies possible. Monopolies can take advantage of their monopoly power and charge high prices.

Detailed explanation-5: -A bilateral monopoly is a market structure consisting of both a monopoly (a single seller) and a monopsony (a single buyer).