Question

Briefly describe Monopoly and it's characteristics​

Answer 1

Answer:

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. He enjoys the power of setting the price for his goods.

Monopoly characteristics include profit maximizer, price maker, high barriers to entry, single seller, and price discrimination.

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Answer 2

Answer:

A monopoly market is characterized by the profit maximizer, price maker, high barriers to entry, single seller, and price discrimination. ... The most significant distinction is that a monopoly has a downward sloping demand instead of the “perceived” perfectly elastic curve of the perfectly competitive market.