Advertisements
Advertisements
Question
State two important characteristics of monopoly.
Answer in Brief
Advertisements
Solution
Characteristics of monopoly are as follows:
- There is only a single firm in the market.
- No close substitutes of the product are available in the market.
- Firm is a price maker.
shaalaa.com
Is there an error in this question or solution?
RELATED QUESTIONS
Non-price competition is ______.
Selling costs are absent in perfect competition market.
Differentiated products is a characteristic of ______.
Marginal revenue of a firm is constant throughout under:
A monopolist is price maker:
Identify the market form for the following:
Perfectly elastic demand.
Identify the market form for the item given below:
Product differentiation
Explain any four features of perfect competition.
There are a large number of buyers and sellers under a ______ market.
Mention one feature of a monopoly market.
