A market structure characterized by a single seller, selling a unique product in the market.
In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute.
<h3>How are monopolies and monopolistic competitive firms profitable?</h3>
A key characteristic of a monopolist firm is that it's a profit maximizer.
A monopolistic market has no competition, meaning the monopolist controls the price and quantity demanded.
The level of output that maximizes a monopoly's profit is when the marginal cost equals the marginal revenue.
<h3>What is example of monopoly?</h3>
A monopoly is a firm who is the sole seller of its product, and where there are no close substitutes.
An unregulated monopoly has market power and can influence prices. Examples: Microsoft and Windows, DeBeers and diamonds, your local natural gas company.
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