What is Monopoly Market? Characteristics Of Monopoly Market?
What is Monopoly Market? Characteristics Of Monopoly Market?
Monopoly is a Market structure in which there is a single seller and large number of buyers,there are no close substitutes for the commodity it produces and there are barriers to entry.
For Examples of Monopoly Market: Microsoft, Facebook, Google, Railways.
Characteristics Of Monopoly
- Single seller and large number of buyers
- No close substitutes
- There is no difference between firm and industry
- There are barriers for the new elements
- Demand Curve is downward sloping
- Seller price taker
- Price discrimination
- Unique product
- Economies of scale
Labels: Economics Study, Features