ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -1. Single Seller: Under Monopoly, there is only one seller selling the product in the market. It means that the monopoly firm and the industry are the same in this form of market. As there is one seller, the monopolist has full control over the price and supply of the product.

Detailed explanation-2: -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-3: -A monopoly is defined as a single seller or producer that excludes competition from providing the same product. A monopoly can dictate price changes and creates barriers for competitors to enter the marketplace.

Detailed explanation-4: -A monopoly implies an exclusive possession of a market by a supplier of a product or a service for which there is no substitute. In this situation the supplier is able to determine the price of the product without fear of competition from other sources or through substitute products.

Detailed explanation-5: -A monopolist has full control of a market and is the one supplier that provides a good or service to many consumers. Beyond that, however, there are certain characteristics of a monopolist that stand out above others: The primary concern of a monopolist is to maximize profits at all costs.