USA HISTORY

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: -Answer and Explanation: A monopoly is a sole industry in the entire market. The commodity sold by the monopoly has no substitutes in the entire market.

Detailed explanation-3: -Monopolistic competition is a competition where there are large number of sellers who sell related products which are no close substitutes of each other. Also there is no barriers of entry. Hence, the statement is true.

Detailed explanation-4: -A pure monopoly is a single seller in a market or sector with high barriers to entry such as significant startup costs whose product has no substitutes.

Detailed explanation-5: -Monopolies FAQs 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.