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The term ‘Monopoly’ is derived from two Greek words namely: Mono – Single and Poly – Seller. If there is only one seller in the market, it is called as monopoly. This market situation is at the opposite pole of perfect competition market. Monopoly can be defined as “A market situation, where there is only one seller, who controls the entire supply of his product, which has no close substitutes”. Pure monopoly is never found in practice. However in public utilities such as Railway transport, water and electricity, etc. we generally find monopoly.

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