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.
Latest technology based Economics Online Tutoring Assistance
Tutors, at the www.tutorsglobe.com, take pledge to provide full satisfaction and assurance in Perfect Competition help via online tutoring. Students are getting 100% satisfaction by online tutors across the globe. Here you can get homework help for Perfect Competition, project ideas and tutorials. We provide email based Perfect Competition help. You can join us to ask queries 24x7 with live, experienced and qualified online tutors specialized in Perfect Competition. Through Online Tutoring, you would be able to complete your homework or assignments at your home. Tutors at the TutorsGlobe are committed to provide the best quality online tutoring assistance for Economics Homework help and assignment help services. They use their experience, as they have solved thousands of Economics assignments, which may help you to solve your complex issues of Perfect Competition. TutorsGlobe assure for the best quality compliance to your homework. Compromise with quality is not in our dictionary. If we feel that we are not able to provide the homework help as per the deadline or given instruction by the student, we refund the money of the student without any delay.
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!