Monopoly, Microeconomics


Monopoly is a market structure in which there is a single firm producing a commodity or providing a service that has no close substitutes. As the sole supplier to its market, the pure monopolist is assumed to have no current competitors, and it is protected against the potential competition of new entrants into its market.

Posted Date: 1/3/2013 1:24:00 AM | Location : United States

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