WORLD 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: -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-3: -There are seven types of monopoly market structures namely simple monopoly and discriminating monopoly, natural monopoly, legal monopoly, pure monopoly, imperfect monopoly, industrial monopolies or public monopolies.

Detailed explanation-4: -A monopoly exists when there is only one producer and many consumers. Monopolies are characterized by a lack of economic competition to produce the good or service and a lack of viable substitute goods.

Detailed explanation-5: -A monopoly and an oligopoly are market structures that exist when there is imperfect competition. A monopoly is when a single company produces goods with no close substitute, while an oligopoly is when a small number of relatively large companies produce similar, but slightly different goods.