ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a rivalry between companies selling similar items
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one company is the only one selling the item
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companies improving their stock
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None of the above
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Detailed explanation-1: -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-2: -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.
Detailed explanation-3: -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-4: -In perfect competition, there are many small companies, none of which can control prices; they simply accept the market price determined by supply and demand. In a monopoly, however, there’s only one seller in the market.
Detailed explanation-5: -What Is a Monopoly? A monopoly is the exclusive possession or control of the supply, production and trade of a product or service. Specifically, a monopoly occurs when a certain company is the only supplier of a product or service.