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Monopoly (Business)
The term monopoly is derived from the Greek words 'mono' which means single and 'poly' which means seller. So, monopoly is a market structure, in which there is a single seller. There are no close substitutes for the commodity it produces, and there are barriers to entry.
628 Questions
Why do pure monopolies advertise?
For one, their may be somewhat close substitutes. Microsoft may still advertise because there is the threat of Mac OS, Unix, etc. Major League Baseball faces threats from other sports and non-pro ball.
Monopolists still need to inform their customers of new products or services, as well as maintain their brand image.
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Case study on monopoly market structure?
A case study on monopoly market structure indicates a number of things. In most cases, consumers are exploited as they do not have any alternative in a monopoly market.
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