[ronit]

[ltr]Monopoly market [/ltr]

[ltr]Monopoly is a market situation in which there is only one producer of a commodity with no close substitutes. Example of monopoly : Indian Railways, public utility services etc.[/ltr]


[ltr]Features of Monopoly [/ltr]

[ltr]1.One Seller and Large Number of Buyers [/ltr]

[ltr]2.There is no difference between firm and industry.[/ltr]

[ltr]3.Restrictions on the Entry of the New firms[/ltr]

[ltr]4.No Close Substitutes Full Control Over Price [/ltr]

[ltr]5.A monopolist is a price maker.[/ltr]

[ltr]6.Possibility of Price Discrimination [/ltr]

[ltr]7.Firm and industry are identical under monopoly: [/ltr]

its demand curve is identical  with the market demand curve for the product