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Answer to Question #67545 in Economics for Anurag
Question #67545
Discuss two features of monopoly
Expert's answer
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.
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.
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