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What is monopoly power?

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What is monopoly power?
posted Dec 9, 2017 by anonymous

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1 Answer

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A monopoly is a market condition when a specific person or enterprise is the only supplier of a particular product or services.

What are the reasons why Monopoly Condition exist in a market?
Factors like government license, ownership of resources, copyright and patent and high starting cost make an entity a single seller of goods pr services i.e monopolistic condition.

What is the disadvantage of Monopoly Condition?
Characteristics associated with a monopoly market make the single seller the market controller as well as the price maker. He enjoys the power of setting the price for his goods i.e. consumer loss.

answer Dec 11, 2017 by Salil Agrawal