ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -A market structure in which one firm sells a unique product into which entry is blocked in which the single firm has considerable control over product price and in which nonprice competition may or may not be found.

Detailed explanation-3: -Monopolies can be of several kinds like simple, pure, natural, legal, and public.

Detailed explanation-4: -A monopoly is an enterprise that is the only seller of a good or service. In the absence of government intervention, a monopoly is free to set any price it chooses and will usually set the price that yields the largest possible profit.