Q. What is a monopoly?
Top Answer
Solution:
A monopoly is a market structure in which a single firm or entity dominates the production and sale of a particular product or service. In a monopoly, the firm has complete control over the market and is the only supplier of a particular good or service, with no close substitutes.
An example of a monopoly is when only provider of electricity in a region, meaning consumers have no alternative suppliers. Because of this control, monopolies can lead to higher prices and less innovation. Governments sometimes regulate monopolies to prevent abuse of this power.
Related Links
- What is the full form of MRP?
- What are substitutes goods?
- What is a monopoly?
- What is inflation?
- Why economics is important?
- What is GDP?
- What microeconomics?
- What macroeconomics?
- What are the branches of economics?
- Who is the father of economics?
- What are the National Symbols of India?
- What are the 16 Mahajanapadas of ancient India?
- The utensils used for frying cheenavala are called
- What is Rabi Crop?
- What is the full form of S.H.O?
- In which Indian state Onam festival is celebrated?
- Who composed the National Anthem?
- What is the work of Tehsildar?
- What is Kharif Crop?
- Who was the first President of the United States?
