A monopoly is a firm that exchanges or sells all or nearly all of the goods and services in a given market. In a single market, a corporation might be considered a monopoly producer if it provides a product with no close substitutes.
A monopoly is defined as one corporation holds a dominating situation in an industry or sector to the stage of omitting all other feasible competitors. Monopolies are mostly frowned upon in free-market countries.
Due to a deficiency of other choices for consumers, they are comprehended as modifying to price gouging and diminishing quality. A monopoly is an institution that sells all or almost all of a market's goods and services.
Therefore, If there is no close substitute available in the market, then the producer will be called as a monopoly producer.
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