SSC MTS EXAM

Detailed explanation-1: -Monopoly market is characterized to have a single seller of the commodity with no substitutes. Thus, the monopolist has full control over the pricing of the product.

Detailed explanation-2: -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-3: -Monopolistic competition is a market structure where a large number of firms produce similar, though not interchangeable, products. In economics, this type of competitive market falls between monopoly and perfect competition. A monopoly occurs when one firm holds all of the market power and sets the market price.