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

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Answered by Iosif D. Economics tutor

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