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Market Structure and Pricing — Economics STD 11 — Question

Tamilnadu BoardEnglish MediumSTD 11EconomicsMarket Structure and Pricing3 Marks
Question
Explain the features of monopoly.
✓

Answer

  1. There is a single producer/seller of a product.
  2. The product of a monopolist is unique and has no close substitute. There is a strict barrier to entry of any new firm.
  3. The monopolist is a price – maker.
  4. The monopolist earns maximum profit / abnormal profit.

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