The term ‘onright’ means the word ‘onright’ is a Latin word. It’s composed of two words:
According to P.C. Dule, the right is a seller market. “
Lieftwich believes, a pure monopolace is a market situation in which a single firm sells a product for which there is no good choice. “
We can say that the monopolitan is a market organisation with only one seller of the product. There is no close option in the multiple product market. Moreover, there are strong barriers to entry into the industry. As a result, the seller has full control over the supply of goods. Thus, he’s price-manufacturer.
Thus, the monopolace is a form of the market organisation for an object in which only one seller of the object. There is no close option of the object sold by the sole seller. The seller, being the sole seller, holds full control over the supply of the object. The buyer can either buy the object from the seller who is the sole supplier of the item or can live without it. Thus, if the buyer has to buy the object, he can only buy from that seller. The seller sets the price to the consumers. Thus a monopolistic price-manufacturer is. He’s not afraid of rivals’ movements.
symptoms of monopolitan
The main features of the monopolies are as follows:
1. Under the monopolace, a special product has a manufacturer or seller and no difference between a firm and an industry. Under the monopolitan one firm itself is an industry.
2. Municipal may be personal ownership or partnership or joint stock-company or cooperative committee or government company.
3. A monopolist has full control over the supply of a product. Therefore, the elasticity of the product demand of a monopolist is zero.
4. There is no close choice of monopolistic product in the market. Therefore, under the monopolace, the cross elasticity demanded for a monopolitan product is some other good very little.
5. The Monopoly is a ban on the entry of other firms into the field of product.
6. A multiple multiple can affect the price of a product. He is the price manufacturer, not the price taking.
7. Pure monopolitan is not found in the real world.
8. Monopolist can’t determine both the price and quantity of a product together.
9. Demand for monopolist is curve right and sloping down. Therefore, a monopolist can increase its sales only by lowering the price of its product and thus maximizing its profit. A multiple’s marginal revenue curve is below the average revenue curve and it falls faster than the average revenue curve. This is because a monopolist has to cut an additional unit to sell his product’s price.
The power to affect the price is the essence of the monopolace: .
However, that doesn’t mean that monopolist is so powerful that he can determine the price as well as the quantity sold. He can do only one of these work – either he can leave the amount sold to customers or he can decide the price he can decide the quantity he wants to produce and sell and leave the price to determine according to consumers’ demand.