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.

Detailed explanation-2: -Geographic monopolies occur when a business is the only one offering its products or services in a particular location. Geographic monopolies are common in small towns with limited businesses, especially in the service industry.

Detailed explanation-3: -The correct answer is Monopsony. A monopsony occurs when a firm has market power in employing factors of production. It means there are one buyer and many sellers. When the market is under a monopsony, the market is dominated by a single buyer while, in the case of monopoly, a single seller is seen in the market.

Detailed explanation-4: -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.