Market Structure and Pricing — Economics STD 11 — Question
Tamilnadu BoardEnglish MediumSTD 11EconomicsMarket Structure and Pricing2 Marks
Question
Explain monopoly.
✓
Answer
‘Mono’ refers to a single and ‘poly’ to seller. In this way, monopoly refers to a market situation in which there is only one seller of a commodity. There is no scope for competition.
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