Monopoly ¦
The word mono means single and poly means sellers. Monopoly means single sellers.
Monopoly is the market which is controlled by single authority, no other competitor takes place in
the market.
In this type of market their are few sellers or single sellers where buyers are in large number of size, competition is very less in this market. Where entry have the restriction in monopoly.
For example : In india, the railway is the monopoly market where their is only one seller which is
Goverenment and their is many buyers which is the public of india.
The word also have its unique name :
Monopsony, which means one sellers and many buyers
For example : electricitg supply.
The word mono means single and poly means sellers. Monopoly means single sellers.
Monopoly is the market which is controlled by single authority, no other competitor takes place in
the market.
In this type of market their are few sellers or single sellers where buyers are in large number of size, competition is very less in this market. Where entry have the restriction in monopoly.
For example : In india, the railway is the monopoly market where their is only one seller which is
Goverenment and their is many buyers which is the public of india.
The word also have its unique name :
Monopsony, which means one sellers and many buyers
For example : electricitg supply.
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