Question

Outline four features of monopoly structure of market

Answer 1

1. One supplier for entire market
2. Commodity has no close substitute
3. Difficult of entry into the market by other firms
4. Prices are fixed by supplier
5. Price discrimination is possible

Answer 2

Prices are stable 
Prices can be discriminated
Few or no firms produce similar products
Only firm that produce such type of product

Answer 3

One seller many buyers
Low quality of goods and services since there is no competition.