Monopoly:
There will be only one seller with number of buyers,buyers has no choice because there is only one seller
Example 1:
I am the only son to my parents .No matter whatever i say they will agree for it .They will care for me because i am the only one
Example2:
There is only one grocerry shop in IBA no matter whatever price he says we will buy it.Grocerry owner is the only one seller in IBA but there are many buyers in the form of students
Advantages:
1.He can rule the market
2.He can get the maximum profit as if there is no competition in the market
Monopoly market is a dangerous market where buyer loses and seller wins
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