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Market Equilibrium — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsMarket Equilibrium1 Mark
Question
State the main features of monopoly market.
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Answer

Main features of monopoly market are as follows:
  1. Single seller and large number of buyers of a product.
  2. Entry of new firms not possible.
  3. No close substitutes of the product.
  4. Full control over price.
  5. Price discrimination.
  6. Supernormal profits even in the long-run.
  7. Less output and higher price as compared to perfect competition.

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