Question

Identify & explain the concept from the given illustration.

Anoop Ayurveda produces unique herbal hair oil which has no close substitutes.

Answer 1

Concept: Monopoly

Explanation:

1. Monopoly is a market in which there is only one seller who controls the entire market supply for a product which has no close substitute.
2. Since herbal hair oil produced by Anoop Ayurveda has no close substitutes, this illustration is related to the concept of ‘monopoly.’