What do you mean by the term pure monopoly

Question

What do you mean by the term pure monopoly in brief?

Answer 1

Pure monopoly: The monopoly is a market condition in which there is just one seller of a product with blockades to entry of others. The product consists of no close substitutes. He is a price maker who can set up the price to his maximum benefit. This might take place since the firm consists of a patent on a product or a license from the govt to be a monopoly. Pure monopoly takes place when the producer is so influential that he is always capable to take the entire of all consumer’s income whatsoever the level of his output is.