Monopoly is the condition when there is certainly one business or one is the only company in the market.
Characteristics
Profit Maximization: Maximizes earnings.
Price Machine: Decides the price of the nice or product to be sold.
High Barriers to Entry: Other retailers cannot enter the marketplace of the monopoly.
Single vendor: In a monopoly there is certainly one vendor of the good that produces all the output. Therefore, the whole market is being served by a single..
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