Monopoly: Difference between revisions
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===Characteristics of a monopoly=== | ===Characteristics of a monopoly=== | ||
*Single producer | *Single producer or seller supplying the entire market demand | ||
*No close substitutes | *No close substitutes or comparable product for consumers | ||
*High barriers to entry | *High barriers to entry prevent competitors from entering the market | ||
*Price maker ability | *Price maker ability allows monopolist to set market prices | ||
*Downward-sloping demand curve | *Downward-sloping demand curve, monopolist face the entire market demand curve | ||
===Monopoly process=== | ===Monopoly process=== | ||