ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

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: -A monopoly is when a single company produces goods with no close substitute, while an oligopoly is when a small number of relatively large companies produce similar, but slightly different goods.

Detailed explanation-4: -Monopoly and oligopoly are economic market conditions. Monopoly is defined by the dominance of just one seller in the market; oligopoly is an economic situation where a number of sellers populate the market.

Detailed explanation-5: -A monopoly exists when there’s a single firm that controls the entire market. The firm and industry are synonymous. This firm is the sole producer of a product, and there are no close substitutes.