ECONOMICS
COMPETITION AND MARKET STRUCTURES
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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monopoly
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monopolistic competition
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oligopoly
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pure / perfect competition
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Detailed explanation-1: -In a monopoly, there is one supplier of a good for which there is no simple substitute. The supplier does not take the market price as a given. Instead, the monopolist can set it. (Monopoly’s twin is monopsony, in which there is only one buyer, usually a government, although there may be many suppliers.)
Detailed explanation-2: -A monopoly exists when one supplier provides a particular good or service to many consumers. In a monopolistic market, the monopoly, or the controlling company, has full control of the market, so it sets the price and supply of a good or service.
Detailed explanation-3: -A monopoly is a supplier of a product or service that has no competitors – it is the sole provider in a market.
Detailed explanation-4: -What is Monopoly. Definition: A market structure characterized by a single seller, selling a unique product in the market. In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute.