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प्रश्न
Explain the main characteristics of a monopoly.
Explain three main features of monopoly.
उत्तर
Following are the main features of monopoly:
- A single seller: There is only one seller (of a commodity) in the market. He has full control over the supply of the commodity.
- No close substitutes of the product: The product sold by the monopolist has no close substitutes. The buyers will have to buy the commodity from the monopolist or go without it.
- Entry of new firms is restricted: There is no freedom for the new firms to enter the industry. It may be due to legal restrictions in the form of licensing or patent laws.
संबंधित प्रश्न
In which type of market price discrimination is practiced? Explain with an example.
How is Perfect competitive market is different from a monopoly market?
In monopolistic competition, there are ______.
Which of the following is the least competitive market?
Identify the market form of the following:
Motor car market in India.
Identify the market form for the item given below:
Product differentiation
To which market is price discrimination relevant?
What is the effect on price when a monopoly firm tries to sell more?
What is the difference between collusive and non-collusive oligopoly?
Name the market which has characteristics both of monopoly and perfect competition.
