Define the term monopoly and outline its characteristics.

Monopoly is a market structure where a single firm controls market's output and market share.
Monopoly's characteristics are the following:There is only one firm in the industry Changes in the firm's output cause changes in the priceFirm produces unique goods and servicesThere are significant barriers to entry the industryNeither allocative nor productive efficiency will be achievedExamples:Microsoft Local Utilities

Answered by Iosif D. Economics tutor

1995 Views

See similar Economics IB tutors

Related Economics IB answers

All answers ▸

Discuss the view that overuse of common access resources is best addressed by the government


How to explain a demand and supply graph for a certain good or service


What are negative externalities of consumption? Explain with a diagram.


What is a monopoly?


We're here to help

contact us iconContact usWhatsapp logoMessage us on Whatsapptelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

© MyTutorWeb Ltd 2013–2025

Terms & Conditions|Privacy Policy
Cookie Preferences