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The two extremes of market structures are monopoly and perfect competition, but businesses in a perfectly competitive market and monopoly firms share some characteristics. Both deal with the same cost and production functions and aim to make as much money as possible.
What is a monopoly market?
A market arrangement in which there is just one seller and only one type of goods available. As the only vendor of the goods with no viable alternatives, the seller in a monopoly market has no rivals.
A company with a monopoly is one where its product is sold exclusively and there are no close substitutes. Unrestrained monopolies have the ability to set prices and exercise market power. Examples include Microsoft and Windows, DeBeers and diamonds, and your neighborhood gas provider.
A market system that possesses the traits of a true monopoly is referred to as a monopolistic market. When one supplier offers a specific commodity or service to lots of customers, there is a monopoly.
In a monopolistic market, the dominant corporation (or monopoly) controls the supply and prices by exerting its authority over the market.
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