Answer:
a single producer
Explanation:
The monopoly is a condition on the market in a particular economy where there is only producer of certain good or service. This kind of situation is not good for the market, nor for the consumers. The single producer is able to control the price, quality, and quantity without having any competition, which often leads to abuse of the control of the market, offering lower quality products or service for higher prices.
Answer:
A monopoly is the control of a market by a single producer.
Explanation:
Monopoly is a type of market in which a single producer or enterprise is the sole supplier. In economics, when a person or an organization has so much control over a product or service that it can apply the conditions and price related to its sale as per their wish, this situation is called monopoly.
In this type of market, there is no other competitor or producer is available to supply the goods to the consumers. The word ‘Monopoly’ is a Greek word. The main word is monopollein which is made up of two words - mono and pollein in which mono means one and pollein means market.
Monopoly means a market in which a single seller and maximum number of buyers are present.
