Answer to Question #67545 in Economics for Anurag

Question

Discuss two features of monopoly

Answer 1

Monopoly is a market situation in which there is only one seller of the commodity.
Typical features of the monopoly:
- one seller and large number of buyers;
- no close substitutes;
- difficulty of entry for new firms;
- monopoly constitutes the industry;
- monopolist establishes price markers.