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What is a monopoly?

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Definition of monopoly: Market situation where one producer (or a group of producers acting in concert) controls supply of a good or service, and where the entry of new producers is prevented or highly restricted. read more

A monopoly is a situation in which one corporation, firm or entity dominates a sector or industry. read more

A monopoly (from Greek μόνος mónos ["alone" or "single"] and πωλεῖν pōleîn ["to sell"]) exists when a specific person or enterprise is the only supplier of a particular commodity. read more

In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute. Description: In a monopoly market, factors like government license, ownership of resources, copyright and patent and high starting cost make an entity a single seller of goods. read more

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Monopoly market structure
Source: slideshare.net

Further Research

Definition of Monopoly
economictimes.indiatimes.com

What is a monopoly ?
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What Is a Monopoly?
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