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Define monopoly market

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Define monopoly market

Posted by Sanjana Kumari 7 years, 1 month ago

CBSE > Class 11 > Economics

1 answers

Sakshi Sharma ??️??️??️ 7 years, 1 month ago

# Monopoly market is a market where there's only one seller of the commodity. # There are a number of buyers therefore no single buyer can affect the prices of the commodity, however in order to increase sales, the marketier has to decrease the prices,so the demand curve slopes downward. # There are a number of reasons for the monopoly element in the market,for eg,patents.

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