GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is monopoly?
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Board game
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Control of supply of or trade of commodity or service
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being rich
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Taking control
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Explanation:
Detailed explanation-1: -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-2: -Oligopoly is a market that has a few large firms. Monopoly is a market that has a few large firms. Duopoly is a market that has a few large firms. Perfect competition is a market that has a few large firms.
Detailed explanation-3: -#1 – Simple monopoly. #2 – Pure monopoly. #3 – Natural monopoly. #4 – Legal monopoly. #5 – Public or industrial monopoly. #1 – Maximizes profits. #2 – Sets prices. #3 – Poses high entry barriers. More items
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