Microeconomics (7th Edition)
Microeconomics (7th Edition)
7th Edition
ISBN: 9780134737508
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
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Chapter 15, Problem 15.1.1RQ
To determine

Define monopoly.

Expert Solution & Answer
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Explanation of Solution

Monopoly market is single seller market. There is only a single seller of goods and services which has no close substitute.

Economics Concept Introduction

Concept Introduction:

Monopoly: Monopoly market is a market with single seller of a good or service that does not have close substitutes.

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