What do you mean by the term monopoly
What do you mean by the term monopoly? Briefly state the term with suitable example?
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The monopolistic market is one which is characterized through the presence of merely a single seller which might happen on account of certain market barriers such as regulatory, technical and economic barriers. Monopolist can fix the price rate at his judgment as there are no other competitors. Example: The Indian Railways has been exercising monopoly over the railway industry. This kind of market is usually seen to be controlled by the government and is the prominent characteristic of the socialist economy.
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