The term monopoly drives from the Greek word “Monopolin” which means sole proprietor or seller of a commodity . Monopoly is situation of the market under which only a single firm is the sole producer of a product and there is no any close substitute. Monopoly has neither rival no any competitor. In the monopoly there is no difference between firm and industry. In this situation the producer is the price maker and he determine independently how much he can able to sell his product. The demands curve slope down words to the right.
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