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: -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.

Detailed explanation-3: -A monopoly is defined as a single firm in an industry with no close substitutes. An industry is defined as a group of firms that produce the same good. Monopoly = A single firm in an industry with no close substitutes.

Detailed explanation-4: -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.

Detailed explanation-5: -Key Takeaways 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. Monopolies can lead to unfair consumer practices.