Understanding the World of Monopoly Homework Answers
In the world of Economics, in order to understand the various elements in force we study the various types of markets. There are majorly 4 types of markets prevalent in the world. They are as follows:
Today we are going to study the market structure of a Monopoly Homework Answers.
Definition of a Monopoly:
Monopoly Assignment Answers is a form of market structure where there is only a single seller of a particular product or commodity. The market enjoys the absence of any competitors in the business and does has complete control over the population of its customers. There are no close or similar substitutes of the products present which further strengthen the position of the Monopoly. This leads to a competitive advantage. The use of a patent or copyright or ownership of raw materials contribute to the existing position of the monopoly.
Characteristics of a Monopoly
The main characteristics of a Monopoly Assignment Answers are as follows:
A Monopoly Homework Answers has the objective to maximise their profits. We should understand that the being the only supplier in the market they enjoy a greater margin of profit over their costs.
In a Monopoly Assignment Answers the market structure dictates the price of the commodity or product. Unlike the other market structures, Monopoly isn’t a Price Taker but is a Price Maker.
A monopoly is characterised by a single supplier of the commodity. This is reinforced by difficult entry into the market due to a number of factors and regulations.
The Monopoly Homework Answers as mentioned earlier is known for its single ownership of the customer base. This also allows them to have substantial control over the industry related to their products.
Advantages of Monopoly Homework Answers
Disadvantages of Monopoly Assignment Answers
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