ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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. In both cases, significant barriers to entry prevent other enterprises from competing.

Detailed explanation-2: -The correct answer is d. A monopoly market system is a structure that has entry barriers. The market usually has entry barriers because it is characterized by having one seller of a particular good. No other firm produces that specific product; thus, the product being sold has no replacements.

Detailed explanation-3: -Once a natural monopoly has been established, there will be high barriers to entry for other firms because of the large initial cost and because it would be difficult for the entrant to capture a large enough part of the market to achieve the same low costs as the monopolist.

Detailed explanation-4: -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.