Features and characteristics of monopoly

<p>Hello, I hope you are doing fine</p><p>Monopoly represent a market structure dominated by a single seller offering products on service without close substitutes. Key features of a Monopoly includes sole selling, price selling authority, barriers to entry for others control over supply and then absence of competition.</p><p>The word Monopoly comes from mono meaning single and poly meaning seller. At indicates a market dominated by one seller. In economic Monopoly is single entity is sole product or service provider, with no competition. Best sharply contrast types of market such as perfect competition when numerous seller offer similar products and like competitive market a market focus determine prices and supply. Monopolies can set these themselves.</p><p>I hope my answer will help you&nbsp;</p><p>Best of luck</p>

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