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What is monopoly? Explain its features and classification briefly and in simple terms

User Plodder
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Answer:

One seller dominates the market in a monopoly.

Explanation:

Monopoly is typically viewed as the opposite of perfect competition in conventional economic analysis. Market power and price control are inherent in unregulated monopolies. Among the examples would be Microsoft and Windows, DeBeers and diamonds, and your local natural gas provider.

User Rushi Daxini
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