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Monopoly and monopolistic
A monopoly is a market structure characterized by a single seller of a unique product without close substitutes. It is recognized by specific characteristics, including that other sellers are unable to enter the market, the seller faces no competition, and the seller has individual control over the market through sources of power like economies of scale, technological superiority, or legal barriers.
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Monopoly and monopolistic
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- 3. A market structure characterizedby a single seller, selling a unique product in the market. In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute. 3
- 4. 4 Characteristics of aMonopoly A monopoly can be recognized by certain characteristics that set it aside from the other market structures: 1 2 3 4 5 Reference : The basics you can find anywhere 5 Steps To Successful Storytelling Published on April 5, 2014 Featured in: Marketing & Advertising
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- 7. 3 Other sellers are unableto enter the market of the monopoly. 7
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- 10. 10 Economies of scale Capitalrequirements Technological superiority No substitute goods Control of natural resources Network externalities Legal barriers In a monopoly, specific sources generate the individual control of the market. Sources of power include:
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