GENERAL KNOWLEDGE

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: -Thus a monopoly market is the one where a firm is the sole seller of a product without any close substitutes.

Detailed explanation-3: -A monopoly is defined as a single firm in an industry with no close substitutes. An industry is defined as a group of firms that produce the same good. Monopoly = A single firm in an industry with no close substitutes.

Detailed explanation-4: -Monopoly. A monopoly is a market situation where there is only one seller or producer of a particular good or service. This gives that seller considerable power to control prices and output.

Detailed explanation-5: -In a monopoly, there is only one seller in the market. The market could be a geographical area, such as a city or a regional area, and does not necessarily have to be an entire country. The single seller is able to control prices. Most monopolies fall into one of two categories: natural and legal.