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MEANING AND FEATURES OF A MONOPOLY

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MEANING AND FEATURES OF A MONOPOLY

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  1. MEANING AND FEATURES OF A MONOPOLY. - KNOW HERE ! BY DANE RUTHER

  2. 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. Economic Assignment Helpwill let you know more about monopoly. • If you break the word “monopoly”, you get ‘mono’ which means single or solo, and “poly” which means “seller”. There are three essential conditions to bet met to categorize a market as a monopoly :- • 1. The product must have a single producer or seller. That seller could be either an individual, a joint stock company or a firm of partners. • 2. There will be a competition if other firms are selling similar kinds of products. In a monopoly market, there must not be a close substitute for the product. • 3. There needs to be a strict barrier for new firms to enter the market or produce similar products.

  3. There is a lot to know more about this through Assignment Help or you can go to our website greatassignmenthelper.com. • There are some advantages and disadvantages of monopoly market are given below:- • Advantages:- • Due to the nature of the goods, there are no close substitutes, which makes the monopolist company not need to spend a lot of promotion and advertising costs to differentiate their products. • The encouragement of innovation is due to the protection of individual property welfare. • With the government’s monopoly of production than the presence of an additional seller, making production unable to achieve economies of scale.. • Disadvantages:- • Buyers cannot switch to other sellers even though the price is relatively high. • Profit is centered on producers because consumers have no other choice. After all, the product is essential to meet their needs.

  4. You can go through Best Economics Assignment Help for more queries. • Lets know about features of Monopoly which are listed below:- • The monopoly firm is an industry. But the number of buyers assumed to be large. • The cross elasticity of demand between the product of the monopolist and others must be negligible or zero. • There are either natural or artificial restrictions on the entry of firms into the industry, even when the firm is making abnormal profits. • Under monopoly there is only one firm which constitutes the whole industry. • Under monopoly, monopolists have full control over the supply of the commodity. But due to large numbers of buyers, demand of any one buyer constitutes an infinitely small part of the total. • If I would have been in your situation then I would have taken Online Assignment Help.

  5. THANK YOU WHY DO YOU NEED MEANING AND FEATURES OF A MONOPOLY? – KNOW HERE! DANERUTHER@GMAIL.COM HTTPS://GREATASSIGNMENTHELPER.COM/ECONOMIC-ASSIGNMENT-HELP/

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