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18 March, 08:14

Explain why monopoly is uncommon in the real world

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  1. 18 March, 09:01
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    There are certain necessary conditions required for a market to operate as a monopoly. These conditions are not generally met in the real world. This is the reason why monopolies are very rare not so common in the real world.

    A monopoly is a market structure where there is a single producer selling a product with no close substitutes. In the real world, almost all products have substitutes.

    Also for a monopoly to operate there should be a restriction on entry and exit of firms which is difficult to hold in the real world.
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