Monopoly is a form of market structure in which a single seller or firm has control over the entire market supply, as there are no close substitutes for his products and there are barriers to the entry of rival producers.
Price Maker : A monopolist is a price-maker and not a price-taker. His price-fixing power is absolute. He can vary price from buyer to buyer as per his wish. Thus there may be price differentials in a monopoly.
Downward Sloping Supply Curve :Monopoly and the industry being one, it face a downward sloping demand curve. Thus, it cannot sell more output unless price is lowered.
6. Business reputation.-Long standing established firms.
7. Business combines – cartels, syndicates, trusts, pools, holding companies, joint monopolies ar created by big business houses to capture economic power. Business combines are made to eliminate competition. (Mittal-Arcelor).