ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -In a monopoly type of market structure, there is only one seller, so a single firm will control the entire market. It can set any price it wishes since it has all the market power. Consumers do not have any alternative and must pay the price set by the seller.

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.

Detailed explanation-3: -Single seller: In a monopoly, there is one seller of the good, who produces all the output. Therefore, the whole market is being served by a single company, and for practical purposes, the company is the same as the industry. Price discrimination: A monopolist can change the price or quantity of the product.

Detailed explanation-4: -A monopoly is a market with only one producer, a duopoly has two firms, and an oligopoly consists of two or more firms.

Detailed explanation-5: -A monopoly describes a market situation where one company owns all the market share and can control prices and output. A pure monopoly rarely occurs, but there are instances where companies own a large portion of the market share, and ant-trust laws apply.