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What is monopoly?answer this and please_follow_me_new_user_here_target_50_followers |
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Answer» Definition: A market structure characterized by a single seller, selling a unique product in the market. In a monopoly market, the seller FACES no competition, as he is the SOLE seller of goods with no CLOSE substitute. He enjoys the POWER of setting the price for his goods. ... Examples: Microsoft and Windows, DeBeers and diamonds, your local natural gas company. |
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