Define monopoly market .State the forces …
CBSE, JEE, NEET, CUET
Question Bank, Mock Tests, Exam Papers
NCERT Solutions, Sample Papers, Notes, Videos
Posted by Ayati Ayati 6 years, 8 months ago
- 2 answers
Krishanu Saxena 6 years, 8 months ago
Test
Related Questions
Posted by Mehar Ansari 1 year, 5 months ago
- 0 answers
Posted by Nandita Sharma 1 year, 5 months ago
- 1 answers
Posted by Naman Jain 1 year, 4 months ago
- 1 answers
Posted by Rijum Karlo 1 year, 4 months ago
- 0 answers
Posted by Niyati Garg 1 year, 4 months ago
- 0 answers
Posted by Shruti Singh 1 year, 5 months ago
- 0 answers
Posted by Dipika Sharma 1 year, 4 months ago
- 0 answers
myCBSEguide
Trusted by 1 Crore+ Students
Test Generator
Create papers online. It's FREE.
CUET Mock Tests
75,000+ questions to practice only on myCBSEguide app
Yogita Ingle 6 years, 8 months ago
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.
In a monopoly market, factors like government license, ownership of resources, copyright and patent and high starting cost make an entity a single seller of goods. All these factors restrict the entry of other sellers in the market. Monopolies also possess some information that is not known to other sellers.
Characteristics associated with a monopoly market make the single seller the market controller as well as the price maker. He enjoys the power of setting the price for his goods.
0Thank You