Monopoly:-
Monopoly means a market where no competition exists and there is no substitute for the product which is sold by a monopoly. This is known as monopoly.
Characteristics:-
1.The product should be unique.
2. There should be no close substitutes.
3. Price is fixed as per the monopoly.
4. No new firms are entered (No Competition)
Ex:-
In 1975 Microsoft was invented as this is the only software used for computers and mobiles and there is no substitute and competitor for the software. In that period that software stood as a monopoly.
Monopoly means a market where no competition exists and there is no substitute for the product which is sold by a monopoly. This is known as monopoly.
Characteristics:-
1.The product should be unique.
2. There should be no close substitutes.
3. Price is fixed as per the monopoly.
4. No new firms are entered (No Competition)
Ex:-
In 1975 Microsoft was invented as this is the only software used for computers and mobiles and there is no substitute and competitor for the software. In that period that software stood as a monopoly.
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