Monopoly
In monopoly, there is a single seller in the market with no close substitutes. The firm is industry, for example defence and railways. Prior to its break-up in 1984, American Telephones and Telegraph Company (AT and T) was considered as one of the largest monopolies in the world. In India, monopoly exists in railways, post and telegraph and other public utilities.
Features of Monopoly
1. There is only one seller of a good or service in the market.
2. The product supplied is unique with no close substitutes.
3. There are legal, technical and economic restrictions to entry. -
4. The monopoly firm has considerable price control. the optimal price policy of the firm depends on the market and cost conditions.
5. The monopolist is assumed to maximize profits in the long Turn by producing sub-optimal output.
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