Meaning and main features of a Monopoly market
Answer Text: Monopoly-Is a type of product market where there is only one producer of a commodity that has no close substitute. E.g Kenya power offering electricity in Kenya.Features of monopoly:-The market has only one producer-The entry into the market is difficult due to the barriers.-Products sold are identical-Firm can either fix price or output but not both-Firm earns super-normal profits in the long-run-Firm engages in huge promotional activities in order to keep away potential competitors and expand and maintain existing market
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