A monopoly is a market structure characterized by:

Name: A monopoly is a market structure characterized by:
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A monopoly is characterized by a single seller who controls the market for a particular good or service, and there are no close substitutes available to consumers. Because of the lack of competition, the monopolist can set the price higher than competitive levels and earn supernormal profits. In contrast, a market with many buyers and sellers is characterized as a competitive market.

A Monopoly Is a Market Structure Characterized By