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प्रश्न
Answer the following question.
Discuss two features of monopoly.
टिप्पणी लिखिए
उत्तर
(i) Restriction on Entry and Exit: There exist strong barriers to entry of new firms and the exit of existing firms. As a result, a monopoly firm can earn abnormal profits in the long run. These barriers may be due to legal restrictions like licensing or patent rights or due to restrictions created by firms in the form of a cartel
(ii) Price Discrimination: A monopolist may charge different prices for his product from different sets of consumers at the same time. It is known as ‘Price Discrimination'.
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Features of Monopoly
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