Characteristics of Monopoly:

1. Single Seller:

There is just one seller; he can either control supply or price of his product. However he can’t control demand for the product, as there are numerous buyers.

2. No close Substitutes:

There are no close replacements for the product. The buyers encompass no alternatives or option. Either they have to purchase the product or go lacking it.

3. Price:

The monopolist has control over the supply therefore as to raise the price. At times he might adopt price discrimination. He might fix distinct prices for various sets of consumers. A monopolist can fix either the price or quantity of output; however he can’t do both, at similar time.

4. No Entry:

There is no autonomy to other producers to enter the market as the monopolist is taking pleasure in monopoly power. There are strong hurdles for new firms to enter. There are technical, legal, economic and natural obstacles that might block the entry of new producers.

5. Firm and Industry:

Under monopoly, there is no difference among a firm and an industry. Since there is only one firm, which single firm comprises the whole industry.

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