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Market — Economics STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsMarket2 Marks
Question
Mention characteristics of monopoly.
✓

Answer

  • In a monopoly :
  • There is only one producer or seller and a large number of buyers.
  • There is absence of close substitutes products $($goods$)$ in the market.
  • No entry for other firms $($there is prohibition of entry for other firms.$)$
  • Control over price or sell.
  • There is only one firm so that firm is the industry.
  • Price discrimination is possible.
  • In the long run also abnormal profit is possible to obtain.

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