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The second important feature of a monopoly market is the absence of substitutes for the goods produc

The second important feature of a monopoly market is the absence of substitutes for the goods produc

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The second important feature of a monopoly market is the absence of substitutes for the goods produced and sold by the monopolists. Buyers have no other option except to purchase goods from the monopolist at whatever price he charges. This results in a situation in which the monopolist has complete control over
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Unformatted text preview: market conditions . He can decide his own price and earn profits without any fear of competition from his rivals. Yet a monopolist has certain constraints arising out of demand and technical conditions....
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