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