The main characteristics or features of monopoly market can be highlighted as follows:
1. Single Trader
Under monopoly market, there is a single trader (producer or seller) who sales unique products and services.
2. No Competition
This is another notable feature of monopoly. Because of single producer and seller, there will be no competition in monopoly market.
3. No Substitutes
In monopoly, a single company produces and sells unique product. There will be no close substitutes and cross elasticity of demand will be zero.
4. Large Number Of Buyers
Because of unique product and no close substitutes, monopoly market has large number of buyers.
5. Barriers To Entry
Under monopoly, there exists legal or natural barriers and restrictions on the entry of new producers.
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6. Independent Pricing Policy
Producers can fix the price of products and services independently without any barriers in monopoly market.
7. Price Discrimination
In this type of market, different prices may be charged to different consumers.
