Monopoly market is a market with single seller with no close substitutes. Firm is price maker. (chapter - Forms of Market) Its features/implications are: 1. Large number of buyers and single seller 2. No close substitute 3. Restrictions on entry and exit 4. Full control on price 5. Price discrimination 6. Demand curve is downward sloping. Restrictions are created by Patent,copyrights,control on raw material,licencing etc. Useful for Economics students in class 12th, CA CPT, CS, CMA, MBA, BBA, B.com other courses. This video explains Monopoly Market.It covers characteristics of Monopoly Market ( Single seller & large number of buyers, No close substitute, Restrictions on entry of new firms, Price maker ,Price discrimination etc.) Video also explains Demand Curve under monopoly . It covers AR & MR curve under monopoly.
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