Could you Describe the assumptions of the monopoly model?

[Sipra M]

Monopoly means single seller but many buyers. Discriminating monopolist -> when monopoly chargers different prices for the same product from different customer or fixes different prices for the same product in different market . For example : Doctor charges low fees from a poor patient and high fees from others. Social scheme provides medical facilities at lower cost to poor section.
* Monopoly market : assumptions ->
* single producer.
* no substitute or even it is , it is not available easily.
* No need to take promotional activities to compete.
* Downward sloped demand curve. Monopolist can adjust either price or quantity produce to maximize gain..
* to sale more it has to reduce price.
* Profit max : MR = MC
and so on ;
for more see microeconomics of intermediate standard.
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