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.

Advertisement
Advertisement
The following two tabs change content below.
We, at BMS.co.in, believe in sharing knowledge and giving quality information to our BMS students. We are here to provide and update you with every details required by you BMSites! If you want to join us, please mail to [email protected]
8 Comments

Leave a reply

BMS.co.in is aimed at revolutionising Bachelors in Management Studies education, also known as BMS for students appearing for BMS exams across all states of India. We provide free study material, 100s of tutorials with worked examples, past papers, tips, tricks for BMS exams, we are creating a digital learning library.

Disclaimer: We are not affiliated with any university or government body in anyway.

©2020 BMS - Bachelor of Management Studies Community 

A Management Paradise Venture

Ask Us On WhatsApp
or

Log in with your credentials

or    

Forgot your details?

or

Create Account