Question
Monopoly means
Answer: Option D
Answer: (d)
A Monopoly exists when a specific person or enterprise is the only supplier of a particular commodity, This contrasts with a monopsony which relates to a single entity's control of a market to purchase a good or service, and with an oligopoly which consists of a few entities dominating an industry.
Monopolies are thus characterized by a lack of economic competition to produce the good or service and a lack of viable substitute goods
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Answer: (d)
A Monopoly exists when a specific person or enterprise is the only supplier of a particular commodity, This contrasts with a monopsony which relates to a single entity's control of a market to purchase a good or service, and with an oligopoly which consists of a few entities dominating an industry.
Monopolies are thus characterized by a lack of economic competition to produce the good or service and a lack of viable substitute goods
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