Skip to main content

CSSET Notes - Monopoly Meaning and Features of Monopoly


Features of Monopoly

Monopoly Meaning and Features of Monopoly 

Monopoly Meaning 

Monopoly is made up of two words: mono, which means one, and polein, which means to sell. In economics, a monopoly is a company that sells a product that has no competitors in the market. As a result, it is a single-firm business.

Google is one of the most well-known examples of a monopoly in today's world. Everyone knows about Google, whether it's your grandparents or a child in your house. Google is the most popular web search engine, with a market share of more than 70%. You can search it up on Google if you want to be sure!

1. A single seller and several other buyers: A monopoly may have a single seller and several other buyers as its fundamental quality. Because a single firm makes up the entire or most of the industry in such a market, there is no or only a tiny difference between the industry and the seller. As a result, the firm's demand curve is identical to or almost identical to the industry's demand curve. Because there are multiple purchasers, a private buyer in a monopoly market cannot alter the price of a product because the seller's power over the market is too great.

2. There is no close substitute: In a monopoly, the monopolist's merchandise has no close equivalent. Only when the cross-elasticity of the monopolist's commodities is equal to zero can such a market exist. As a result, the monopolist can establish the value of his own choice and refuse to sell at a lower price than that requested.

3. High obstacles to entry for new enterprises: Because monopolist firms make above-average profits, new firms face numerous challenges when entering the field. There are a variety of reasons for this, including legal restrictions, technological advancements, or the presence of a material that others are unable to locate. In some cases, the monopolist operates in a small market, making it economically difficult for new businesses to enter.

4. Price Maker: When a monopoly exists, the monopolist has complete control over the commodity's availability. However, due to a large number of buyers, tiny buyer demand accounts for only a small portion of total demand. As a result, purchasers must pay the monopolist's set price for the goods.

Click to know Types of Monopolies



Tag - CSSET Notes ; cseet study material 2021; cseet preparation; What is Monopoly; 
Labels:
Location: Delhi, India

Comments

Post a Comment

Thank you we will contact ASAP.

Popular posts from this blog

Magnetic and non-magnetic material Class 6 Science

Magnetic and non-magnetic material  Class 6 Science A magnet is a substance that is drawn to certain magnetic materials like iron, cobalt, and nickel. Magnets have the ability to draw iron to them. Natural magnets are rocks that naturally draw iron. Non-magnetic materials include things like wood, rubber, coins, feathers, leather, etc. that are not drawn to iron. Magnet characteristics It pulls magnetic materials, such as iron. The magnet's two ends are referred to as its poles. The magnet's diametrically opposed poles are drawn together. Heating, hammering, or dropping causes it to lose its characteristics. On the basis of properties types of Magnets Temporary magnets are those magnets that are magnetic for only a little duration. Typically, iron, cobalt, or nickel are used to make them. When they are close to the powerful magnet, they act like a magnet. When they are yanked away from the powerful magnet, they stop being magnetic. Permanent magnets are magnets that have magne...
Post a Comment
Read more

What are Noble Gases? Example and noble gases name

What are Noble Gases? Example and noble gases name Noble Gases Noble gases, sometimes known as inert gases or erosions, are part of the modern periodic table's 18th group. This group is made up of the following individuals: Helium is a kind of gas (He) Neon (Ne) Argon is a gas (Ar) Krypton  (Kr) Xenon is a kind of xenon gas (Xe) Radon is a gas that can cause cancer (Rn) Noble gases exist in a gaseous state under typical temperature and pressure conditions. Because all noble gases have stable electronic structures, they have very little chemical reactivity. They are monoatomic gases that do not readily form molecules. 'ns2np6' represents the basic electrical configuration of noble gases. As a result, noble gases' outermost valence shells can be deemed 'complete.' The chemical inertness of the group of 18 elements is due to this. Because of the stability of certain elements, these gases form a group. These stable elements' crusts are totally filled. Regardles...
Post a Comment
Read more

CS Executive

At  Takshila Learning  we provide you Video Lecture of best faculties in India. We assure you not only the best quality of videos but also best content. Our teachers way of teaching, presentation and explanation is very simple and unique. Why Takshila Learning? We can give you 10 top reasons why you should take CS Executive Online Video Coaching Classes Lectures from Takshila Learnings. We are providing online classes of CS Executive for last 5 years (almost  oldest in the market ) We pick  best teachers  for every subjects. We don’t provide updates only with old videos. Infact we provide  new updated classes  for every attempt Our teachers update notes for every attempt. Videos and notes are  highly exams oriented . Our teachers  cover last 5 attempts question papers  along with ICSI Course content. Our video classes  includes live practical examples  to help you understand easily. Our structure of our  fee ...
Post a Comment
Read more