What is Monopoly explain in brief
What is Monopoly explain in brief?
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It means single selling. Briefly, monopoly is a market situation in that there is only one seller or producer of a product for that no close substitution is obtainable. Because there is only one firm under monopoly which single firm constitutes the entire industry? The monopolist can pursue an independent price policy and can fix price of his product. A monopolist can take the decision regarding the price of his product. For example: electricity and water supply companies and so forth.
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