The dwarves operate in a monopoly industry. What are the 3 characteristics of this market structure? In addition, indicate if the structure is a price taker or price searcher.

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12-08-2022
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The dwarves operate in a monopoly industry. What are the 3 characteristics of this market structure? In addition, indicate if the structure is a price taker or price searcher.

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RajarshiG RajarshiG · Answer 1 · 2022-08-22T10:05:54+02:00

When a single firm or a group of firms combines to gain control over the supply of any product, the seller here doesn't face any competition as he is the sole seller of that particular product ,this type of market structure is known as Monopoly market structure.

There are three characteristics of this market structure-

There is a single producer.
There are no close substitutes or competition.
Restrictions on the entry of any new firm with same product.

This structure is considered as price searcher as it searches the market demand curve for maximizing profit price.

To learn more about Market demand curve,

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