HISTORY
THE INDUSTRIAL REVOLUTION
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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laissez faire
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oligopoly
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socialism
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monopoly
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Detailed explanation-1: -What is Monopoly. Definition: A market structure characterized by a single seller, selling a unique product in the market. In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute.
Detailed explanation-2: -A monopolistic market is a theoretical condition that describes a market where only one company may offer products and services to the public. A monopolistic market is the opposite of a perfectly competitive market, in which an infinite number of firms operate.
Detailed explanation-3: -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-4: -Key Takeaways Both a monopoly and a monopsony refer to a single entity influencing and distorting a free market. In a monopoly, a single seller controls or dominates the supply of goods and services. In a monopsony, a single buyer controls or dominates the demand for goods and services.
Detailed explanation-5: -Natural Monopoly. Only one company providing a public good or service. Technological Monopoly. When a single firm has exclusive rights over the technology used to manufacture it. Geographic Monopoly. Government Monopoly. Least Threat: Four Types of Monopolies.