sarveshvarun sarveshvarun
  • 14-03-2022
  • Business
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What is monopoly? Explain its features and classification briefly and in simple terms

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Ursaucypotatofloyd
Ursaucypotatofloyd Ursaucypotatofloyd
  • 14-03-2022

Answer:

One seller dominates the market in a monopoly. 

Explanation:

Monopoly is typically viewed as the opposite of perfect competition in conventional economic analysis. Market power and price control are inherent in unregulated monopolies. Among the examples would be Microsoft and Windows, DeBeers and diamonds, and your local natural gas provider.

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