ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A monopolistic market is a market structure with the characteristics of a pure monopoly . A monopoly exists when one supplier provides a particular good or service to many consumers.

Detailed explanation-2: -In a monopoly, there is only one seller in the market. The market could be a geographical area, such as a city or a regional area, and does not necessarily have to be an entire country. The single seller is able to control prices. Most monopolies fall into one of two categories: natural and legal.

Detailed explanation-3: -When only one company controls an entire industry-or even a sizeable percentage of that industry-the company is said to have a monopoly. Traditionally, monopolies benefit the companies that have them, as they can raise prices and reduce services without consequence.

Detailed explanation-4: -Monopolies can be of several kinds like simple, pure, natural, legal, and public.

Detailed explanation-5: -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.