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What is a Monopoly?
Monopoly is the only producer or seller of a product in the market. But, if there is some necessary requirement of that product, then demand will be more. At that time an enterprise will surely set a good price to get more profit. But, one of the most important factors is there is no competitors for this product and thus no competition will be there in the market. But, if the condition arises that due to a higher return from the market for a single product some other enterprises enter with the same product or services, then competition gets raised and there will be no monopoly of that product. Along with that its monopoly power will be eliminated.
Sometimes, governments take some particular decisions fixed price for any particular product. If that is the only store that provides that government facility, then it is known as monopoly for that service.
What is the significance?
Our Monopoly Homework Help team explains that what are the related theorems and how they need to implement at right place. Some other factors as Natural Monopoly is very important for students. In addition of that, what factors are important to represent a graph and supply of that product in the market. Our team experts know everything in details and thus they follow a perfect pattern and make every solution intuitive and easy to understand.
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