Monopoly

Definition:
                 It is a Market structure in which firm decides the price and supply  of the product and there is no close substitute in the market.

Characteristics of Monopoly:


1. Number Of Sellers/Producers:-
                                                      In the Monopoly there is only one producer in the Market.
e.g:
        =>   In Lahore LESCO supply the Electricity.

2. Nature Of Product:-
                                    In Monopoly there is a unique product and there is no close substitute of that product in Market.

3. Entrance Blocks:-
                                 In Monopoly there are various entrance barrier for the new firm in the Market