USA HISTORY

Detailed explanation-1: -A monopoly implies an exclusive possession of a market by a supplier of a product or a service for which there is no substitute. In this situation the supplier is able to determine the price of the product without fear of competition from other sources or through substitute products.

Detailed explanation-2: -A monopoly limits available substitutes for its product and creates barriers for competitors to enter the marketplace. Monopolies can lead to unfair consumer practices. Some monopolies such as those in the utility sector are government regulated.

Detailed explanation-3: -A monopoly exists when a person or business exercises complete control over a resource, industry, or market. During the 1800s and 1900s, two distinct types of monopolies developed: vertical and horizontal. In a vertical monopoly, the person or business controls the entire supply chain of an industry.

Detailed explanation-4: -A monopoly is a situation where there is only one owner of the firm. He has a full control over the prices of the product. He can do price discrimination as per his choice. Hence, in a monopoly market, the degree of control over price of the firm is full control.

Detailed explanation-5: -A monopolist effectively sets the price within a market. Because there are no competing products offering a different price, the monopolist has effectively set the rate for the entire industry. Barriers to entry for competitors.