USA HISTORY

Detailed explanation-1: -A monopoly is a market structure that consists of only one seller or producer. A monopoly limits available substitutes for its product and creates barriers for competitors to enter the marketplace. Monopolies can lead to unfair consumer practices.

Detailed explanation-2: -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-3: -In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute. So in monopoly producer or seller is also called price maker.

Detailed explanation-4: -A market structure in which one firm sells a unique product into which entry is blocked in which the single firm has considerable control over product price and in which nonprice competition may or may not be found.

Detailed explanation-5: -Monopolies have the ability to limit output, thus charging a higher price than would be possible in competitive markets. Unlike a competitive company, a monopoly can decrease production in order to charge a higher price.