Monopoly

2. The term Monopoly means ‘alone to sell’. In a monopoly market,
there is a single seller of a particular product with no strong
competition from any other seller

3. What is 'Monopoly’
Definition: A market structure characterized by 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.
Description: In a monopoly market, factors like government license,
ownership of resources, copyright and patent and high starting cost make an
entity a single seller of goods. All these factors restrict the entry of other
sellers in the market. Monopolies also possess some information that is not
known to other sellers.
Characteristics associated with a monopoly market make the single seller
the market controller as well as the price maker. He enjoys the power of
setting the price for his goods.

5. In a monopoly market, usually, there is a single firm which produces and/or
supplies a particular product/ commodity. It is fair to say that such a firm
constitutes the entire industry. Also, there is no distinction between the firm
and the industry.

7. Entry Restrictions
Another feature of a monopoly market is restrictions
of entry. These restrictions can be of any form like
economical, legal, institutional, artificial, etc.

8. . Price Maker
Since there is only one firm selling the product, it becomes the price maker for the whole industry. The
consumers have to accept the price set by the firm as there are no other sellers or close substitutes.

15. Acc. To
Ac. Pigou