USA HISTORY

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: -1. Single Seller of the Product. In a monopoly market, usually, there is a single firm which produces and/or supplies a particular product/ commodity. It is fair to say that such a firm constitutes the entire industry. Also, there is no distinction between the firm and the industry.

Detailed explanation-3: -A monopoly is an economic status that occurs when a company encounters no competition within a market or industry and can set its prices without oversight. Some types of monopolies occur naturally while others form when a company takes deliberate actions through legal or illegal means.

Detailed explanation-4: -A monopsony is when a firm is the sole purchaser of a good or service whereas a monopoly is when one firm is the sole producer of a good or service. Most examples of monopsony have to do with the purchase of workers’ time in the labor market, where a firm is the sole purchaser of a certain kind of labor.

Detailed explanation-5: -A monopolist refers to an individual, group, or company that dominates and controls the market for a specific good or service. This lack of competition and lack of substitute goods or services means the monopolist wields enough power in the marketplace to charge high prices.