ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A monopoly is when one company and its product dominate an entire industry whereby there is little to no competition and consumers must purchase that specific good or service from the one company. An oligopoly is when a small number of firms, as opposed to just one, dominate an entire industry.

Detailed explanation-2: -A monopoly is a market structure where a single seller or producer assumes a dominant position in an industry or a sector. Monopolies are discouraged in free-market economies as they stifle competition and limit substitutes for consumers.

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: -A monopoly exists when one supplier provides a particular good or service to many consumers. In a monopolistic market, the monopoly, or the controlling company, has full control of the market, so it sets the price and supply of a good or service.

Detailed explanation-5: -The statement is True A monopoly is a market structure where there is only one seller of the product. Price makers are called monopolists as they control the market price.