ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The law of demand states that buyers will demand more of a good at lower prices. BUT the more a monopolist produces, the less they will receive in profits.

Detailed explanation-2: -Answer: A monopoly is defined as a market structure in which there is only one seller or firm. This single firm caters to the needs of a large number of buyers. Because it is the only firm in the market, it is regarded as the industry.

Detailed explanation-3: -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.

Detailed explanation-4: -A monopoly is defined as a single seller or producer that excludes competition from providing the same product. A monopoly can dictate price changes and creates barriers for competitors to enter the marketplace.

Detailed explanation-5: -A monopoly is an enterprise that is the only seller of a good or service. In the absence of government intervention, a monopoly is free to set any price it chooses and will usually set the price that yields the largest possible profit.