1.

There ere no substitute goods in a Monopoly market. Give a reason to support your answer.

Answer»

The term Monopoly has been derived from two Greek words i.e. Mono + Polus. Here ‘Mono’ means single and ‘Polus’ means seller/producer. Therefore Monopoly is a situation where there is single seller/producer having the sole right over the production of commodity which results into no availability of any other substitutes.



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