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प्रश्न
Explain the main characteristics of a monopoly.
Explain three main features of monopoly.
थोडक्यात उत्तर
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.
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Forms of Market Structure
या प्रश्नात किंवा उत्तरात काही त्रुटी आहे का?
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