What are Monopoly Markets? Characteristics

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What are Monopoly Markets? Characteristics
Mohamed Shafraz, Student (Other), Sri Lanka, Member
Monopoly market is the market where we can see only one supplier who is offering a good or service which has no substitutes. Characteristics of a monopoly market: - Only one supplier - Price is decided by that company> - Strict entry barriers - Company will make abnormal profits in short and long run - Company will not advertise - The good or service doesn't have substitutes Formation of a monopoly: - By law - By competition - By forming cartels - By the ownership of scare resources. (...) Read more? Sign up for free
 

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