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State and explain characteristics of monopoly type of market

      

State and explain characteristics of monopoly type of market.

  

Answers


John
1. Single buyer - there is only one buyer who controls the demand side of market completely.
2. No alternatives - a monopsony achieves single - buyer status because seller have no alternative buyers for the goods.
3. Barriers to entry - other buyers cannot enter into the market due to barriers like government license, patents, decreasing average total cost and high start- up cost.
Jonmhumble answered the question on October 22, 2017 at 18:02


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